Property transactions rise 18pc in January

Transactions of industrial buildings, commercial buildings and shops rose 18.3 percent month-on-month to 581 in January, the highest since June 2019, according to Midland IC&I (0459).

But total considerations fell 8.1 percent month-on-month to HK$8.14 billion last month.

This came after Hong Kong scrapped the double stamp duty on commercial property transactions in November.

The measure also came three months after the Hong Kong Monetary Authority relaxed the loan-to-value ratio caps for mortgage loans on nonresidential properties by 10 percentage points from 40 percent to 50 percent.

Separately, former Hong Kong Football Association chairman Brian Leung Hung-tak sold a 1,375 sq ft unit at Bank of America Tower in Central for HK$50.6 million, local media reported.

In the primary market, the Lands Department issued presale consent for one residential development in January - phase 2 of Monaco development - involving 247 units, down 84.7 percent from a month before.

Hong Kong Ferry (0050) and Empire Group have received 3,450 checks for 281 units on offer at Skypoint Royale in Tuen Mun - an oversubscription of 11.3 times.

Nan Fung Group has received about 1,800 checks for 179 units on offer at LP10 in Lohas Park as of 5.30pm yesterday - an oversubscription of 9 times.

In the secondary market, a 1,114 sq ft flat at Taikoo Shing in Quarry Bay sold for HK$26.18 million. The seller will gain HK$17.83 million after holding the property for 14 years.

A 666 sq ft flat at Mei Foo Sun Chuen in Lai Chi Kok fetched HK$8.62 million, or HK$12,943 per sq ft. The vendor, who bought the unit for HK$1.2 million in 2003, will make a capital gain of HK$7.42 million.