Port traffic rebounds but still 3.7pc behind

Business | Winnie Lee 18 Aug 2020

Hong Kong throughput rebounded again but still fell 3.7 percent year-on-year in the first seven months, while regional rival Singapore is introducing another round of stimulus measures worth HK$45 billion.

The SAR's port container throughput in July was up 3.3 percent, a two-consecutive-month rise.

Separately, Singapore has extended its Jobs Support Scheme for seven months.

Knight Frank said despite the rising jobless rates in the retail and catering sectors, the unemployment rate of the financial sector has the highest correlation to property prices. Knight Frank forecasts local home prices to fall by 5 percent this year.

Meanwhile, more price-cutting and deposit forfeiture deals occurred in the property market, with 20 forfeitures cases so far this month.

Two homebuyers forfeited deposits totaling HK$500,000 after canceling their purchases of two units at Seacoast Royale in Tuen Mun.

A 312-sq-ft unit at Oma by the Sea in Tuen Mun was resold for 10 percent cheaper than the first-time transaction price at HK$4.43 million, just eight days after the former homebuyer gave up the deal. The flat had been sold on August 9 at HK$4.91 million.

In the luxury home market, a 1,610-sq-ft penthouse in La Vetta in Sha Tin sold for HK$55.6 million, or HK$34,534 sq ft by tender.

Meanwhile, mainland developer Poly Property (0119) has obtained pre-sale consent for its luxury project Villa La Plage in Tuen Mun, and it is expected to be launched soon. The project offers 22 houses and 19 units.

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