The speech of United States delisting suppressed the renting market

United States’s plan of delisting not only shock heavily the trading of second hand residential property, but also affect the renting market much. The Director of Ricacorp Properties Research Department, Zhou Manjie pointed, no buying, renting decreasing and more supply than demand in renting market dragged both residential property rent and renting quantity drop. Synthesizing the latest data from Ricacorp Properties Research Department, the weighted average trading cover area sq ft rent of all 50 Hong Kong indexing projects in June was HKD 25.31 for each sq ft which fell by 0.2% comparing with HKD 25.36 in May, and it made the dim trend of “three falls”. Rent in Heng Fa Chuen of Taikoo Shing fell more than 3.0%. Divided by districts, the rent for units in indexing projects of Honk Kong Island district and New Territories dropped by record, while the rent for units of projects in Kowloon district rose slightly. According to the data, the weighted average trading sq ft rent of 9 indexing projects in Hong Kong Island district was HKD 29.71 by record which was lower the level of HKD 30 and decreased 1.2% by month which was the biggest falling range. The rent for units in 21 indexing projects in New Territories also averagely fell by 0.2% to HKD 20.27 for each sq ft last month, and it temporarily was stable above HKD 20. The rent of units in 20 indexing projects in Kowloon district was relatively “strong”. It averagely rose by 0.3% to HKD 25.06 for each sq ft in whole month. Among the projects of which the rent fell, the adjusting range of property at medium-high price was larger. The average trading sq ft rents of units in Taikoo Shing of Quarry Bay, Heng Fa Chuen in Chai Wan and Tierra Verde in Tsing Yi separately fell more than 3.0% by month separately to HKD 31.2, HKD 25.9 and HKD 24.8 for each sq ft. They fell further than market trend. 　 Zhou Manjie believed, the property market was dim and the property trading was dull, so more owners would change selling into renting in succession under the force of the market trend. It was believed, the short term renting supply would increase, and the overstock of renting supply would not be solved before September even demand for rented property increased during summer holiday. It was predicted the rent of residential property in future two months would go down.

28hse - No.1 HK Property Portal Squarefoot - HK Premium Property Portal