News

Hong Kong commercial real estate transactions down

Hong_KongCommercial real estate transactions in Hong Kong dwindled 32% year-on-year as protests continue in the Asian financial hub, according to data from Real Capital Analytics. “Hong Kong transaction volumes dwindled significantly during Q3, largely due to reduced activity by domestic investors after the political protests erupted in June,” said David Green-Morgan, managing director for Asia Pacific at Real Capital Analytics. “The demonstrations only exacerbated a softening trend though following an exceptionally strong 2018. Even so, Hong Kong remains one of the region’s most active markets,” added Green-Morgan. Real estate transactions in Asia Pacific stalled during the third quarter of 2019, declining 9% year-on-year to US$30.8 billion. Hong Kong accounted for $2.7 billion of the volume in the third quarter, however the figures are in comparison to “a particularly strong 2018”, and it still ranked among the top five markets in Asia Pacific. Singapore enjoyed strong performance as transaction volume rose 62% year-on-year ($2.6 billion), according to the figures. The office sector is proving to be attractive to overseas investors, with Allianz Real Estate and Gaw Capital joining forces to acquire the office and retail units of the DUO developments in Singapore for $1.15 billion. ©2019 funds global asia

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