A new house in Hong Kong on Sunday sold for HK$870 million (US$110.88 million), the highest price this year, buoying the territory’s slowing luxury market.
Codevelopers Emperor International Holdings Ltd (英皇集團控股), CC Land Holdings Ltd (中建置地控股), Mingfa Group International Co (明發集團國際) and CSI Properties Ltd (中證地產) sold the six-bedroom home in new project No. 15 Shouson in Shouson Hill via tender, the companies said in a statement.
The companies did not identify the buyer.
The house, with a floor space of 746m2 has a private garden, swimming pool and parking space.
Located on the southern side of Hong Kong Island, Shouson Hill is one of the city’s most exclusive neighborhoods, where some of the richest tycoons including Li Ka-shing (李嘉誠) own properties.
The price represents the most expensive home transaction in Hong Kong this year, Centaline Property Agency Ltd (中原地產) sales director Louis Ho (何兆棠) said.
Transaction volumes for secondary luxury homes in upscale neighborhoods in the Peak and Southern District dropped 58 percent in the first half of the year from one year earlier, Centaline data showed.
Social distancing measures taken during Hong Kong’s worst COVID-19 outbreak and a lack of mainland Chinese capital hindered the market, Ho said in a separate statement.
Global luxury real-estate demand remains high, even as rising interest rates strain broader housing markets.
Earlier this month, US billionaire Larry Ellison bought a US$173 million oceanfront estate in Palm Beach County, setting a record for the most expensive residential sale in Florida.
FORECAST EXCEEDED: China’s curbs on some Taiwanese goods are unlikely to affect trade given inter-reliance in the electronics industries, a finance ministry official said Exports last month spiked 14.2 percent to US$43.32 billion, the second-highest increase on record and the 25th consecutive month of gains, driven by global demand for electronics used in high-performance computing and vehicles, the Ministry of Finance said yesterday. The ministry expects the trend to sustain this month and beyond, although the pace could slow due to inventory corrections for laptops, smartphones and other consumer electronics. “The July results proved stronger than expected despite rising fears over economic uncertainty,” Department of Statistics Director-General Beatrice Tsai (蔡美娜) said, adding that a high sales season in the West and stabilized COVID-19 infections in China
DISMAL OUTLOOK: A Citigroup analyst predicted firms face ‘the worst semiconductor downturn in at least a decade,’ due to inventory build and the potential of a recession Semiconductor stocks tumbled after Micron Technology Inc became the latest chipmaker to warn about slowing demand, triggering concern that the industry is heading into a painful downturn. In the US on Tuesday, the Philadelphia semiconductor index sank 4.6 percent, with all 30 members in the red, its biggest drop in about two months. In Asia, chip stocks from Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to Samsung Electronics Co, SK Hynix Inc and Tokyo Electron Ltd slumped. Investors are growing increasingly skittish as the notoriously cyclical industry is hurtling toward a prolonged slump after years of widespread shortages that led to heavy
MAJOR REVENUE CONTRIBUTOR: The company said that it expects revenue this year to increase annually due to an improved smart consumer electronics outlook Hon Hai Precision Industry Co (鴻海精密) yesterday said revenue this quarter would be flat from last quarter, despite new phone models launched by key customers, as the market faces weakening demand. The iPhone assembler, based in New Taipei City’s Tucheng District (土城), said it is cautious about its business outlook, given mounting uncertainty regarding geopolitical tensions, soaring inflation and COVID-19 flare-ups, but still expects revenue this quarter to be higher than the NT$1.4 trillion (US$46.67 billion) it reported a year earlier. The forecast came as the company posted record second-quarter net profit of NT$33.29 billion, up 12 percent year-on-year from NT$29.78 billion.
With a tantalizing array of satay chicken, wok-fried mud crab and chilled tiger prawns, the dinner buffet at Singapore’s Grand Hyatt hotel typically sets diners back about US$70. Those on a tighter budget and with an eye on sustainability can fill a box for one-tenth of that price. Across Asia, tech start-ups are taking food otherwise destined for landfill and providing discounted meals through mobile phone apps. About one-third of food is lost or wasted every year globally, and the mountains of waste are estimated to cause 8 to 10 percent of greenhouse gas emissions such as methane, the UN says.