Hong Kong property market picks up steam

Category:[world] [CHINA] [Taiwan, HK, Macao]
Hong Kong's real estate market, an important indicator of the city's economy, did better than expected, with property transactions jumping over 35 percent year-on-year.

The total amount of property transactions reached nearly HK$45 billion last month, up 3.1 percent from the previous month, representing a significant 35.3 percent year-on-year increase, according to a statement by Land Registry, a government arm overseeing and facilitating land deals in Hong Kong.

The agency recorded 13,090 transactions, an increase of 19.3 percent over the previous month.

Boosted by the economic recovery, Hong Kong's property markets, both commercial and residential, have been heating up over the last three years, with the number of deals and house and office prices soaring.

Despite the dip in China's A-share market, Hong Kong's property stocks are growing steadily. The property sub-index gained 212.16 points on Tuesday, up 0.85 percent at 25,281.08 points, with most developers posting gains.

The two top property developers in Hong Kong gained nearly HK$1. While Sun Hung Kai Properties rose HK$0.95, Li Ka-shing's Cheung Kong rose HK$0.90.

Cheung Kong shares rose following the report that its chairman Li, Asia's richest man, bought 8.04 million additional shares in the company.

The SAR Land Registry recorded 11,110 deals involved in the sale and purchase of apartment, 16.6 percent higher than April this year and an increase of 42.2 percent compared with May 2006.

The total value of the sale and purchase of apartments in May reached HK$38.2 billion, down 3.2 percent over April, but up 63.4 percent compared with the amount in May last year.

The land administrator said in a statement that the records of sales of residential units did not include those under the Home Ownership Scheme - a bargain apartment sale conducted by the government for lower-income households.

The registrations also excluded the deals under Private Sector Participation Scheme and the Tenants Purchase Scheme.

Hong Kong is one of the most expensive cities in term of property prices, which take up a considerable part of living costs.

Hong Kong property market picks up steam(Over)
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