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Hong Kong is on the road of recovery
Damon Ho
4th February 2023
The Customs clearance between China and Hong Kong has resumed normally. Macau has identified these opportunities with its earnest effort. The Government and the business association have worked together to launch large-scale promotion activities and providing generous discounts to commuters. In a short period of time, it has absorbed great amount of mainland tourists who did not come to Hong Kong in the past three years. Hong Kong can take Macau as an example to re-promote itself as the Pearl of Orient to attract tourists from all over the world as soon as possible. Whenever the tourism is booming, many industries will be benefited.
It is hard for the retail industry to recover without plenty of tourists’ consumption expenditures. In the past three years result, the rental prices of shops stand in lower level for a lengthy period time. The sluggish retail sales will also push up the unemployment rate. Finally, the housing market will be dragged down by the weak economy.
Although the transaction volume of the second-hand market has picked up significantly recently, but it is still lower than the normal level. So, the property market is still in slow recovery. In the first-hand market, it is still lack of a large-scale project to draw the market attention, therefore the overall market performance is not active.
If this situation is to be changed, developers must first focus to promote the outstanding project to trigger the hidden potential purchasing power. But the current developers adopt the opposite strategy, they have been promoting the small projects in a low-key manner. Furthermore, they spend less resources in advertising, thus the sales performance is still not very satisfactory.
Macau's V-shaped rebound has surprised many analysts. Gambling stocks have been falling in the past year. In addition, China had implemented the strict control of its citizens to travel overseas. In this scenario, Macau's economy has long been certified as deadlock. But it has changed now. In fact, Hong Kong has a huge fiscal deficit, and the investment losses of the foreign exchange fund are enormous, Hong Kong is in the crossroad. Hong Kong must seize this great opportunity of reopening Customs clearance and try its best to revive its economy like Macau.
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1. Hk economy continued to contract 2023-02-04 14:12:56
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Hong Kong’s economy continued to contract in the fourth quarter of 2022, albeit at a slower pace, falling 4.2% YoY, data from the Census and Statistics Department (C&SD) showed. In Q3, the market’s gross domestic product (GDP) fell 4.6% YoY. According to C&SD, the decline in GDP was "mainly attributable to the continued weak performance in external trade during the quarter." With the latest contraction, Hong Kong's full-year GDP fell by 3.5% from 2021.
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2. Border reopening boosts secondary market 2023-02-04 16:45:03
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The reopening of the border has boosted Hong Kong's secondary market, with a number of transactions seeing higher prices recently amid higher expectations among vendors. Room for price negotiations has also narrowed to between 2 and 3 percent from up to 10 percent after market sentiment improved on the border reopening. Agencies report some transactions went through without any toing and froing over prices.
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3. Firms should offer alternative benefits 2023-02-06 11:04:38
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With the ongoing war for talent, Hong Kong employers entered a price war to attract workers by offering high pay. Amidst the inflationary pressures, Randstad said this should not be the case. Instead the employers should offer alternative benefits and promote the employer brand to look locally and globally. “However, companies may not have a large budget to meet these expectations during a time of fears of recession and high inflation,” read the report.
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4. Luxury sites losing appeal 2023-02-08 10:33:44
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This as interest in acquiring luxury residential sites declined. Home developers are shifting their focus on acquiring mass residential sites instead of luxury homes, JLL report showed. Slow sales velocity, increasing financing prices, and longer payback periods for luxury residential developments caused the shift.
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5. Foreign currency reserve assets hit 437b 2023-02-09 14:23:27
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Hong Kong's foreign currency reserve assets rose to US$436.9b in January from US$424 billion in December 2022. According to the Monetary Authority, the reserve assets represent over five times the currency in circulation or about 42% of Hong Kong dollar M3. “There were no unsettled foreign exchange contracts at the end of January,” added the Monetary Authority.
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6. Hong Kong Remains as financial hub 2023-02-10 01:56:16
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It is too early to tell if Hong Kong will lose its financial center status. The city has been facing a number of challenges in recent years, including the ongoing protests, the US-China trade war, and the introduction of a new national security law. However, the city remains a major financial hub and is home to some of the world's largest banks and financial institutions.
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7. Property market in 2023 2023-02-10 16:17:14
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The property market in 2023 is expected to be a different landscape than it is today. With the increased use of technology, the real estate market will be more efficient and accessible.
The rise of the internet and mobile technology has already changed the way people shop for homes. In 2023, real estate agents and brokers will be able to offer more convenience to their clients. They will be able to access more information quickly and easily, and use the latest technology to find homes that meet their clients’ specific demands.
The emergence of virtual reality and augmented reality will also revolutionize the property market in 2023. Homebuyers will be able to take virtual tours of homes, and use augmented reality to explore properties in-depth before making a purchase. This will reduce the need to physically travel to view a property, making the process more efficient and cost-effective.
The increasing popularity of smart homes will also drive the property market in 2023. Smart homes are equipped with devices that enable automated control of lighting, climate, security, and other home systems. This technology will make homes more secure and energy-efficient, making them more attractive to buyers.
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