Hong Kong’s new home sales are expected to bring record-breaking proceeds this year, as property developers actively sell new residential projects to raise cash for land.
Full-year new private residential sales in the territory are estimated to be coming in at HK$175 billion (US$22.5 billion), the highest since 1996, when the data was first collected, Wong Leung-sing (黃良昇), an associate research director at Centaline Property Agency Ltd (中原地產), wrote in an e-mailed statement yesterday.
“Home prices are so high that the new units are sold at HK$10 million on average,” Wong said by telephone.
His company is Hong Kong’s largest privately held realtor.
“Developers are actively selling new residential units to generate cash,” he added.
Sentiment has improved and buyers have returned to Hong Kong’s market after the territory’s Occupy Central protests, Wong said. Hong Kong developers are seeking to expand their landbanks as the government accelerates land sales to boost housing supply.
Dragons Range, a new residential project in the Sha Tin District developed by companies, including Kerry Properties Ltd (嘉里建設) and Sino Land Co (信和置業), has generated sales of HK$4.4 billion this month through Dec. 19, according to the statement.
The Parkside, a project by Wheelock Properties Ltd (會德豐地產), has recorded sales of more than HK$2.7 billion in the same period, the highest after Dragons Range.
New home sales in Hong Kong may reach a total of 16,500 units this year, the highest since 2007, Wong said in the statement.
A total of 16,190 new home sales were registered this year through Dec. 19, 66 percent higher than the whole of last year. They have brought in HK$174 billion this year through Dec. 19, 89 percent more than the previous year, according to the statement.
Separately, the number of used home transactions may reach 42,500 this year, with a total of HK$235 billion proceeds, according to the statement.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence