Looking for clues on property direction

The city's largest commercial landlord in the Central business district, Hongkong Land, insisted it has no plan to sell its Three Exchange Square office tower after Sing Tao Daily, the sister newspaper of The Standard, cited market intelligence that an intermediary had approached some major local developers and encouraged them to put forward a price for the office tower, preliminarily estimated at HK$16 billion.

That's a denial. Or is it?

As the saying goes, there's no smoke without fire - and market rumors give weight to the adage.

This is something of a mental exercise, and we'll keep monitoring the situation.

Aside from whether there was a plan or no plan, the reported figure of HK$16 billion would be another breath-gasping number after the successive price lists of Coast Line II, a CK Asset residential project in Yau Tong.

Compared to The Center sold by tycoon Li Ka-shing's CK Asset to a consortium for a breathtaking sum of HK$40.2 billion five years ago, Three Exchange Square is more primely located in Central.

In another development, it may have become a matter of ritual for principal government officials and Executive Council members to declare interests as a necessary precaution against conflicts of interest in the course of policy making.

Of all the items declared, properties are probably the most eye-catching of all.

It is no surprise that properties owned by these officials captured the most public attention yesterday after the updated lists of declared interests were made available for public viewing.

The arrangement is essential and has to be upheld.

There had been talks in the past to adopt the arrangement in the mainland to subject mainland officials to similar requirements - but this has been all sizzle but no steak so far.

In respect of the latest revelation here in Hong Kong, what do we see in those pages?

Secretary for Security Chris Tang Ping-keung and Secretary for Home and Youth Affairs Alice Mak Mei-kuen have sold their only properties, with the transactions taking place in the past year.

Tang said last year he owned a flat in Southern District. This year, he said he owns no property.

Also, Mak has sold a residence in Kowloon City that had been leased out.

Their Exco peer, Secretary for Health Lo Chung-mau, has also reduced his property ownership by half.

In 2022, he owned four, including one in the UK. As of last month, two properties had been sold - including the one in the UK.

Perhaps Hongkongers can look no further than the decision makers for clues as signs continue to emerge to point to a probable major correction in the property sector.

Again it would be great if they could share with the general public their views about the future of the city's property market.

Then, there would be no need for others to speculate over those missing properties in the updated forms.