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Home sales slumped to a 19-month low in September, dropping 22.6% month-on-month to 3,300 transactions. Mass residential capital values also declined for the first time in 18 months, down1% m-o-m in October, but there is still sustained demand for ultra-luxury residential real estate. The last two remaining houses for sale at Cheung Kong Property’s 28 Barker Road on the Peak sold for a combined HK$1.24 billion.In the office sector, the overall vacancy rate dropped to its lowest level since 2000, buoyed by take-up in Wanchai / Causeway Bay and Kowloon East, but Central recorded its first net withdrawal for the year as some sizeable lease expiries returned space to the market. Central rents grew by 1.1% in October, led by growth at the top end of the market.Retail sales continued to fall in September, as government data showed a 7.2% year-on-year decrease in per capita Mainland visitor shopping spending in the first half of the year. Restaurant receipts, however, bucked this trend, rising 4.5% y-o-y. Weakness in global trade markets saw the value of exports and imports fall 4.6% and 7.6% year-on-year, respectively, in September. A local investor reportedly acquired the entirety of Kader Industrial Centre in Fanling, setting the highest unit price for industrial buildings in the northern New Territories.
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11 November 2015
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