SHKP expected to make land donation

Business | Stella Zhai 10 Jan 2020

Sun Hung Kai Properties is likely to announce a land donation today after the developer was criticized for not cutting shopping mall rents.

The company will hold a press conference on a large-scale community project, at which it is expected to donate a part of its land reserve for social housing or launch a housing project for charity.

In response to media reports that it hadn't cut shop rents for some of its small tenants, the developer clarified that it has offered rent reductions to tenants based on different circumstances including their operating conditions, and the rent would be adjusted according to the latest market conditions when renewing or signing a new lease.

Meanwhile, SHKP's rental project Townplace Soho in Central will be open for lease this March, with the first batch of 50 apartments offered at a minimum rent of HK$22,000 per month.

Elsewhere, shopowners in Mong Kok are slashing prices to sell street shops. The owner of an 830-sq-ft street shop at Shantung Street had cut the initial asking price by 40 percent to HK$210 million. The current SmarTone store has a rent of HK$450,000 per month.

HKR International (0480) will put five houses in Il Picco at Discovery Bay, sized between 2,023 sq ft and 2,171 sq ft, for sale by tender next Wednesday. This would be the first batch of houses in the district since 2002.

Henderson Land Development (0012) also plans to launch its first units at The Richmond in Mid-levels before Chinese New Year with minimum investment lower than HK$8 million.

In other news, JP Morgan expects housing prices to fall 10 percent this year as the unemployment rate is expected to rise, triggering negative sentiment. But the investment house projects buying sentiment will recovery in the second half.

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