2009年6月23日星期二

No recession in Hong Kong Sales Office

"No recession in Hong Kong Sales Office | AboutHK.Com - more information about HK"
No recession in Hong Kong Sales OfficeInvestors pay top dollar for Hong Kong office as well as the economy struggles and corporate downsizing is forcing landlords to reduce rents.

Top-grade office in Hong Kong's Central Business District fell 30% to 40% in the six months to April, real estate brokerage firms said. Since the prices fetched in recent sales indicate the market is recovering.

The office sales market, as well as other real estate sector, will be borne by the wave of money flooding into Hong Kong from mainland China, the favorable financing available. Also, Hong Kong office is located in high demand. The city ranked as the world's most expensive office market for tenants in a survey released in February by Cushman & Wakefield, a real-estate brokerage and consulting firm.

In itself this month, Real Estate Investor Capital Strategic Investment Ltd bought floor prime office space for HK $ 262 million (U.S. $ 33.8 million), only to flip it the next day. The Hong Kong-listed company registered U.S. $ 1.9 million profit.

The buyer shrugged on the additional costs for 2322 square meters of office space in which "reasonable."

"We know it's a lot of money, but we see the market continuing to go up, and it's so rare to have a big block of grade-A office space go on the market like this," says Jacinto Tong, chief executive of Gale Well Group Ltd Mr Tong said he had about the purchase of the land earlier, but do not think the owner was seriously a sale. He heard Strategic Capital had purchased the floor on a Friday. From Saturday noon he called the company and an agreement.

"This market is just moving so fast, and we were very happy to benefit from it," said Barry Ho, Executive at Strategic Capital.

In most office markets, investors invest primarily in the entire building. But in Hong Kong and other cities in the Far East there is an active market for investors buying and selling of land or parts of floors in office buildings, said Woody Heller, head of capital transactions at Studley Inc., a commercial real estate real estate agency in New York.

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