The escalation of the Sino-US trade war, coupled with the unresolved social problems in Hong Kong, has had an impact on the economy, resulting in a quiet performance in the commercial market
In August, only about 37 similar transactions were recorded, involving about 1.458 billion yuan, which fell by about 60% and 40% respectively. The market expects that the volume of rents and sales in the second half will remain at a low level, and the decline in core areas will be more significant.
The market in Hong Kong’s commercial buildings is quiet
Chen Yanlou, the office building of Zhongyuan (Industrial and Commercial), said that in August, about 17 transactions were recorded in Hong Kong Island, mainly in second-tier commercial buildings. For example, the middle-level households of Zhongjing Commercial Building in Central sold for about 45.3 million yuan, with an area of about 2,161 square meters. The trick is that the price is 20,963 yuan, which is a large case involving a monthly amount.
Exhibition Plaza reduced rent by 8%
The Kowloon area is dominated by properties in Kwun Tong and Tsim Sha Tsui. The G-room in the middle floor of Wan Tai Lee Plaza, Kwun Tong, has an area of about 1,829 sq ft. It was purchased by the buyer for about $31.09 million and the price was $17,000. As for the lower floor of the Century Commercial Building in Tsim Sha Tsui, the area is about 2,416 square feet. The price is about $42 million and the price is $17,384.
The rental market in the last month was also in a downward trend. There were about 447 cases in the period. The average rent was about $42.8, down by about 21% and 13% respectively.
Chen continued that due to the quiet market conditions, there were owners who reduced rents and renters. The 10th floor of the office building of Wanchai Convention and Exhibition Plaza, with an area of about 1,463 square feet, was rented out for about $80,000, and the lease was about $55. 60 yuan, down 8%. As for Room 03A, Central, Queen’s Road Central, Central, the area is about 1,890 sq ft. The monthly rent is about $160,000 and the rent is $85. It is also lower than the old rent.