Hong Kong home prices join global surge

Business | Victor Zhong 3 Jun 2021

Global house prices are rising at their fastest rate since 2006, with home prices in Hong Kong rising 2.1 percent for the year ended March, the latest report by Knight Frank shows.

Its Global House Price Index, which covers average prices across 56 countries and territories, increased 7.3 percent in the year to March.

Hong Kong was placed 46th on the list in terms of 12-months growth among those markets.

In Hong Kong, Wing Tai Properties (0369) will launch 37 units of Oma Oma in Tuen Mun on Sunday, 5-7 percent more expensive than the last batch.

The developer revealed a new price list yesterday. It covers studio flats to three-room units with an average price of HK$14,678 per square foot after discounts. Among them, 31 flats are priced at below HK$10 million.

In other news, Hip Shing Hong named its project at No 5 Victory Avenue in Ho Man Tin as Madera Garden. The developer plans to start sales this month. It will upload the brochure and price list and open a show flat to homebuyers within the month.

David Fong Man Hung, managing director of the developer, estimated housing prices would rise by 5 percent to 7 percent this year. However, he said he did not expect prices to surge as citizens are facing challenges to afford a home.

In the commercial market, more properties of the late property tycoon Tang Shing-bor, also known as Uncle Bor, were sold by the family.

Tang's family sold a shop at 39 Chatham Road South in Tsim Sha Tsui and another at 165 Sai Yee Street in Mong Kok for HK$324 million combined.

This means that the family has sold a total of 10 properties in the past couple of weeks, cashing in more than HK$900 million.

Separately, Chow Sang Sang Jewellery (0116) said the company's sales in recent quarters have recovered, thanks to a low base from a year earlier, and it is maintaining a target of opening 100 stores this year.

The company said it will install Octopus devices in local jewelry stores to prepare for the upcoming digital voucher scheme.



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