HK's property developers are locked in a price war as measures to cool its expensive real estate markets force them to impose discounts to hit sales targets.
Cash-rich mainland Chinese, have fled Hong Kong's real estate market, scared off by cooling measures that have sent them scouring overseas for better options.
A series of tightening measures have put the brakes on Hong Kong's overheated property sector, forcing developers to cut prices and prompting a warning from Asia's richest man Li Ka-shing: speculators stay away.
Malaysian casino operator Genting envisions red and gold pagodas and a panda exhibit on the 87-acre plot of Las Vegas land it bought this week, a new gambling playground for rich Chinese.
China markets resumed their decline, after a one-day recovery on Wednesday, dampened by fresh worries about monetary tightening and expansion of property sector curbs.
Just three months after Hong Kong rolled out a tough new round of property cooling measures, home prices have again climbed to record highs with demand unusually strong for new flats.
Asian shares ended in the red on Wednesday as cautious investors waited for crucial economic data from China later this week, while the yen's extended gains spurred profit taking in Japanese equities after their recent rally.
Ricco DeBlank, CEO of Hotels, Sun Hung Kai Properties sees occupancy rate of around 92% in its hotels in Hong Kong. He also projects double digit growth from 2011's record year in the region.
HONG KONG, Nov 1- Mainland Chinese shares posted their strongest daily gains in more than three weeks on Thursday, boosting Hong Kong stocks, following positive China economic data and a report that local governments were easing restrictions on property purchases. The China Enterprises Index of the top Chinese listings in Hong Kong jumped 1.1 percent.
The study by commercial real estate services firm CBRE comes just days after Hong Kong announced its first residential property tax targeted at overseas buyers as U.S. quantitative easing and record-low interest rates boost the risk of a housing bubble in the Asian financial centre.
HONG KONG, Oct 30- Hong Kong shares sank to their lowest in almost two weeks on Tuesday, with most local developers slipping further in the wake of fresh curbs on real estate purchases in the territory. Investors also took profits on Chinese banks, recent outperformers after strong third-quarter earnings from three of China's ``Big Four'' banks.
*Hong Kong developers slump on fears curbs will crimp sales. *Hong Kong turnover lowest in almost two weeks, Shanghai weak too. HONG KONG, Oct 29- Hong Kong shares edged lower on Monday, as local developers tumbled on fears that new measures to cool soaring property prices will sap demand, but broader losses were limited by earnings-driven strength in Chinese banks.
HONG KONG, Oct 29- Hong Kong shares fell on Monday as local developers tumbled on fears that new measures to cool soaring property prices will sap demand, but broader losses were limited by earnings-driven strength in Chinese banks. The China Enterprises Index of the top Chinese listings in Hong Kong was up 1 percent.
HONG KONG, Oct 24- Mainland Chinese shares rose on Wednesday, outperforming most Asian peers and lifting the Hong Kong market to just short of a year-high after a survey of purchasing managers showed China's economy making a steady recovery. The China Enterprises Index of the top Chinese listings in Hong Kong was down 0.4 percent.
HONG KONG, Oct 12- The billionaire Kwok brothers' corruption trial was adjourned on Friday until January to allow the prosecution more time to gather evidence in Hong Kong's highest-profile graft case in decades.
HONG KONG, Oct 11- Hong Kong shares ended higher on Thursday on the back of strength in Chinese banks and infrastructure stocks on hopes of stimulus measures, while local property developers were hit by profit-taking following their recent outperformance.
HONG KONG, Oct 8- These are some of the leading stories in Hong Kong newspapers on Monday. --A four-year-old boy visiting Hong Kong from Saudi Arabia is sick in Queen Mary Hospital with a Sars-like virus suspected to be the same one that emerged in the Middle East last month.
HONG KONG, Oct 3- These are some of the leading stories in Hong Kong newspapers on Wednesday. --Sun Hung Kai Properties Ltd has sold about 700 units at its new residential project, Century Gateway, in Tuen Mun for HK $5 billion, said deputy managing director Victor Lui.
Anthonia Hui, CEO of Al Wealth Partners says that patriarchs should be running their businesses professionally rather than sticking solely to dynastic successions. She explains why.