The property market in Hong Kong continues to decline, and the number of failed bids for government residential land has also increased. According to the latest “Hong Kong Residential Sales Market Overview” released by Jones Lang LaSalle,2022The number of failed government residential land bids in 2018 and so far this year has exceeded the previous year.7Year(Right now2015New Year’s Eve2021Year)The total reflects that the demand for land absorption by developers has dropped significantly.Since the policy address reduced the stimulus for the property market, the sales rate of major new projects on the first day of sale was only24.6%with no improvement in sales, will continue to affect developers’ willingness to invest in land, and it is expected that more land will be lost in the future.
Year-to-date flow scalar4width forward7year total3width
Last year and so far this year, the number of failed government residential land bids reached4width, earlier7The total number of lost bids in the year3There are many properties, and land prices have also dropped significantly.Two recent residential landmarks in Tung Chung, Tung Chung No.106BDistrict and Tung Chung East Station No.1period, a total of1,614units, of which Tung Chung No.106BThe price of residential land in the district has reference significance for the future land supply in the northern metropolitan area and the range of achievable floor land prices. Since both Tung Chung and the Northern Metropolitan Area have adopted “infrastructure first” planning, Tung Chung’s current railway capacity is better able to cope with potential population growth, but the market’s investment appetite for the two Tung Chung sites is still relatively lukewarm.
Li Yuanfeng, senior director of Jones Lang LaSalle’s Project Strategy and Consulting Department, said that the reduction in policy address did not inject enough vitality into the real estate market. Second-hand property prices continued to fall, and primary market activities did not recover as expected.10In the two weeks after the March policy address, the first-day sales rate of major new launches only reached24.6%while in the3The first-day sales rate of major new projects launched in the quarter73.9%. If the sales situation does not improve significantly, developers’ willingness to invest in land will continue to be lukewarm, and the current market conditions may pose challenges to achieving the long-term land supply target for private housing.
Property market continues to slump Impact on Hong Kong’s competitiveness
In the Northern Metropolitan Region Action Plan, the Government details the Northern Metropolitan Region’s4Housing supply within large major areas, as well as planning details and timetables for major infrastructure projects, while the northern metropolitan area is available3,000 Many hectares of new development land, of which approx.1,400hectares in10Available for development within the year, it will provide more than50 Ten thousand new residential units are extremely important to the long-term development of the city. Li Yuanfeng pointed out that developing more land in the northern metropolitan area will enhance Hong Kong’s competitiveness, reduce real estate costs, increase its attractiveness to foreign talents and enterprises, reduce the difficulty of home ownership, and help improve the living standards of disadvantaged groups. At the same time, these plans can also improve the government’s flexibility in regulating real estate supply at the right time. However, the problem is that if the property market continues to be depressed, it will take longer for the government to achieve its goals.
Influx of overseas professionals Unable to alleviate real estate market problems
In addition, Zhong Churu, senior director of Jones Lang LaSalle’s research department, pointed out that although the government is actively attracting foreign talents, which may increase housing demand, the inflow of non-local talents will not alleviate the problems of the real estate market. Without a corresponding increase in suitable job opportunities, non-local talent may leave as fast as it flows in.Given that the number of completed and unsold units has increased to18,300one, for2007The highest level since 2009, more planning certainty and investment incentives are crucial to rebuilding developer confidence. She believes that the government should consider improving the current land bidding process and even consider reintroducing land auctions to improve the efficiency of the land sale program.
2023-11-16 06:56:53
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