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2/3 News Roundup: HIBOR Unlikely to Follow US Rate’s Hike, Island Garden Launched 50 Flats with Extra Discount

  • By
  • Asif Ghafoor
  • February 3, 2017

HIBOR Unlikely to Follow US Rate’s Hike
The US Federal Reserve held interest rates unchanged in its first meeting since US President Donald Trump took office. Hong Kong Monetary Authority has reminded local banks, corporations and individuals “to remain vigilant and manage risks prudently” as the gradual normalization of US interest rates may affect global capital flows, exchange rates and asset markets. Representatives from local banks believe that Hong Kong Inter-bank Offered Rate (HIBOR) and mortgage rate will remain stable due to abundant balances.

Island Garden Launched 50 Flats with Extra Discount
Nan Fung Group yesterday launched the second price list for 50 flats at its residential project in Shau Kei WanIsland Garden. The flats range in size from 485 to 1,228 saleable square feet, with listed prices between HK$11.44 million and HK$37.06 million. The highest discount offered for flats from the second price list is 26.08%, up from 20.8% offered for homes launched last year.

Shenzhen Home Deals Drop 23% Last Month
The cooling measures by Central government are showing some results in Shenzhen’s property market. First hand home deals in January drop 23.6% to 1,652 transactions in the city, while home price drops 0.03% from December to RMB¥54,900. The ratio of small-and-middle-sized residential units and first-time-buyer deals increased drastically. Number of transactions of flats smaller than 90 square meters reaches 1,172, 71% of January’s total number of home deals.

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