Connect with us

News

Real Estate in Hong Kong Plummets, Decreases After Protests

Published

on

Only a few months ago, Hong Kong was among the top market in real estate. 

Now the bubble is slowly deflating and has become an outcry to the investors. In just two months, over August and September, buyers weren’t queuing as much as they did before. Even bidders are running short for foreclosed properties. This is not the end of it all, next year, prices for these will go down even more to as much 10-15%.

Over the weekend, Hong Kong reached its worst sales of a home. Chinachem Group only sold 4 out of 144 units. Even with a rise of a 6.5% discount, there was still not enough buyers for residential properties. They also offered a more relaxed mortgage scheme and rules to the market. Buying in cash gives another 1.5% discount. Crescent Green sold 29 out of 67 on Friday. All this is because of the intensifying protests going around the city.

Hong Kong – People not in the mood to purchase?

According to Sammy Po, most of these investors aren’t in the mood to buy these properties because of safety, traffic, and other concerns that have been dragging along for quite some time.

“The unpredictable social events have intensified in the past few days, affecting apartment visits for potential buyers. Buyers have turned more cautious,” he added Chief Executive Lam Cheng Yuet commented that they have made a lax lending rule for first-time buyers so they could start to step up owning one of the most expensive properties to hold in the world. 

The easing of the mortgage may have encouraged some buyers to buy used homes.

This Sunday has been one of the worst ones between the protesters and the police. Petrol bombs where being tossed by the demonstrators, and police responded with teargas and blue-dyed liquid sprays. This clash paralyzed the city most of the days last week, and public transportation was affected.

Kenneth Yau, a senior sales director at Midland Shops, said that prices of shops in less prime locations would be one of the most affected. The rents will plummet. Buyers are asking for 40% from the original asking price. Although sellers were cutting down their costs, it was still hard for them to entice buyers.

Dennis Cheng, senior sales director at Ricacorp Properties, predicted that November will be the deepest plummet for them since they started in 1995.

During one of Hong Kong’s worse tragedies, the SARS outbreak, shops got an average of 200 per month. Now, transactions were as low as 4 in November as compared to 24 in October and 82 before that.

On Friday, these protests disrupted not only the traffic but also the train services forcing schools and some businesses to close early. However, the government provided ferry services to residents for free. Residents who couldn’t travel were willing to pay $100 just to be able to travel by small boats. The highway was again reopened on Saturday.

 Having a population of 7.4 million, this makes up to 2.5 million households, and 800,000 are rented by the government.

Dan is a software developer with experience in designing, development, and delivery of Android apps. His key skills include knowledge of Core Java, JSON & XML Parsing. He's also a keyboardist. So, either you’ll find him at her desk busy in building mobile apps or at a composing music in his home studio. He contributes his ideas on tech at PressReels as an author. You can contact him at Danreels@gmail.com

Breaking News

Death after unmasked arrest – Mexico Floyd

The official reason for the arrest revealed by the police is not known, but the video footage posted on social media at the time of the arrest suggests that the reason is “not wearing a mask.”

Published

on

Amid a stir across the U.S. over the “George Floyd” incident that killed white police abuses, similar cases of abuse of public power have been revealed in Mexico, sparking public outrage.

The daily El Universal has been protesting against the incident since it was belatedly revealed that construction worker Giovanni Lopez died the next day after being arrested by police in Guadalajara, western Mexico, on April 4.

The official reason for the arrest revealed by the police is not known, but the video footage posted on social media at the time of the arrest suggests that the reason is “not wearing a mask.”

Death of George Floyd

On May 25, 2020, George Floyd, a 46-year-old black man, died in Minneapolis, Minnesota, after Derek Chauvin, a white police officer, knelt on Floyd’s neck for almost nine minutes while Floyd was handcuffed face down in the street

Continue Reading

Breaking News

Nobel Prize Honjo, a professor at Kyoto University – 22.6 billion yen in legal battles

Professor Honjo plans to file a lawsuit against Ono Pharmaceutical Industry to increase the distribution ratio of patent fees in 2006.

Published

on

Dasuku Honjo, a professor at Kyoto University who won the 2018 Nobel Prize in Physiology and Medicine, will fight a 250 billion won legal battle with a Japanese pharmaceutical company that makes and sells cancer treatments that reflect his research results.

Professor Honjo plans to file a lawsuit against Ono Pharmaceutical Industry to increase the distribution ratio of patent fees in 2006.

Ono Pharmaceutical Industry Co., which reportedly proposed a donation of up to 30 billion yen to Kyoto University as a compromise last year, responded to Professor Honjo’s press conference by saying, “We cannot comment because we do not understand the contents,” Kyodo News reported.

Continue Reading

TREND

Billboard HOT 10

RESSREELS provides that chart based on official data on the Billboard chart (Source: Billboard HOT 100)

1
Rockstar
DaBaby Featuring Roddy Ricch
-
1 Last | 1 Peak | 11 Weeks
2
Whats Poppin
Jack Harlow Featuring DaBaby, Tory Lanez & Lil Wayne
+6
8 Last | 2 Peak | 21 Weeks
3
Blinding Lights
The Weeknd
-
3 Last | 1 Peak | 31 Weeks
4
Savage
Megan Thee Stallion Featuring Beyonce
-2
2 Last | 1 Peak | 16 Weeks
5
Roses
SAINt JHN
-1
4 Last | 4 Peak | 15 Weeks
6
Say So
Doja Cat Featuring Nicki Minaj
-
6 Last | 1 Peak | 26 Weeks
7
Intentions
Justin Bieber Featuring Quavo
-2
5 Last | 5 Peak | 21 Weeks
8
Watermelon Sugar
Harry Styles
+8
16 Last | 8 Peak | 15 Weeks
9
Blueberry Faygo
Lil Mosey
-
9 Last | 9 Peak | 21 Weeks
10
We Paid
Lil Baby & 42 Dugg
+8
18 Last | 10 Peak | 9 Weeks

Billboard Artist 10

RESSREELS provides that chart based on official data on the Billboard chart (Source: Billboard Artist 100)

1
Lil Baby
+1
2 Last | 1 Peak | 112 Weeks
2
DaBaby
+5
7 Last | 1 Peak | 64 Weeks
3
Post Malone
-
3 Last | 1 Peak | 210 Weeks
4
Luke Combs
+1
5 Last | 1 Peak | 174 Weeks
5
Harry Styles
+1
6 Last | 1 Peak | 53 Weeks
6
BTS
-2
4 Last | 1 Peak | 195 Weeks
7
The Weeknd
+1
8 Last | 1 Peak | 260 Weeks
8
Roddy Ricch
+1
9 Last | 2 Peak | 30 Weeks
9
Megan Thee Stallion
+13
22 Last | 9 Peak | 51 Weeks
10
Dua Lipa
+3
13 Last | 4 Peak | 113 Weeks

Trending