On June 12 2015, China’s stock market underwent a crash that led to the Shanghai Stock Exchange plummeting more than 30% in value in the June-July period. The crash was reportedly due to a result of a huge influx of individual, amateur investors suddenly flooding the market in conjunction with the diminishing strength of China’s economy. It’s no secret that Mainland Chinese make up a large portion of investors in Hong Kong real estate, with figure estimates reaching 20% for the proportion of Mainland buyers in luxury property projects in the first half of 2015 alone. As such, questions will naturally be asked about the implications of the crash on the Hong Kong Property Market. This report provides a short summary of news and opinions regarding the subject.Photo Credit: CNN MoneyHow will China's stock market crash affect Hong Kong property?On July 9 2015, South China Morning Post reported the opinions of both Charles Chan and Sammy Po Siu-ming, the former being Savills’ Managing Director for Valuation and Professional Services and the latter being the Chief Executive of Midland Realty's Residential Department. Whilst Chan stated that property prices will be impacted minimally as long as the stock market rebounds significantly, Po’s outlook was comparatively bleak. Presuming that buying sentiment will be affected by the crash, Po expected sales volume in luxury homes to “drop by up to 20 per cent month on month”.A few days later, 28Hse.com reported diametrically opposed optimistic and pessimistic opinions coming from big names in the property market. Lei Ting, Vice Managing Director of Sun Hung Kai Properties, stated that because housing is a long term investment, short term stock market volatility will not negatively affect the property market. In fact, because housing is seen as a safe long term investment, there may even be an influx of investors transferring funds into the property market. However, Shih Wing-Ching, Founder of Centaline Property Agency voiced pessimistic sentiments, sharing Po Siu-ming’s worries about sales volume in luxury homes. Shih stated that whilst luxury prices might not drop, luxury property buyers are more often than not engaged with the stock market. So, because of the stock market crash, while prices won’t necessarily drop, the number of transactions for luxury properties is expected to fall, and the effect will only be exacerbated if the situation comes without any significant recovery from the stock market.While it’s too early to verify the veracity of any of the above statements, the following paragraphs aim to report on recent property market activity to assess any surface impact. According to a press release by the Hong Kong Land Registry, 5,776 residential units were sold during June, 11.8% more than the number of residential units sold in May, despite the market crash occurring in mid-June.Mainland buyers also appear to be looking at other markets, with The Guardian reporting a recent increased interest in Australian, British, and Canadian property markets following the stock market crash. Australia and Canada in particular are becoming more popular amongst Chinese investors because of their weakened currency against the RMB.While there has been increased interest in foreign property markets, there have also been cases where formerly interested Chinese investors lowered their budgets or attempted to cancel deals because of their losses in the stock market. The volatile state of the Chinese stock market in conjunction with political intervention, such as the recent 6-month ban on major company shareholders from selling shares, make it difficult to predict how exactly Hong Kong and foreign property markets will fare in the aftermath. Returning to the opinions discussed earlier in this article, it was generally agreed that what happens next is heavily dependent on whether or not China can make a real comeback in the stock market and how soon.

The benefits of building a personal brand is key in this business and allows you to avoid pure reliance on company leads. Here’s a great example of an agent building her personal brand and finding new channels to promote herself and her properties.Brand Building with the MediaOKAY.com property agent Ruby Suen was featured on TVB channel J5’s Hong Kong property program “Property Magazine” (「樓盤內望」) on 9 March 2016, where she showcased an apartment for [rent/sale] in Valiant Park, Mid-Levels West.The advertised 2 bed/1 bath unit was located on Conduit Road, a short walk from the Mid-Levels escalator, and within the catchment area of sought-after local primary school net #11, one of the most popular choices for HK parents.Ruby pointed out that this southwest-facing apartment is a rare find in Mid-Levels, offering buyers/tenants mesmerizing sunset views from the large living room windows that extends to Tsing Ma Bridge on clear and sunny days. This is further capitalized on with a 390 sq.ft private rooftop with harbour view.Interested to know more? Watch the full segment here (starting from 08:06).This short TV appearance managed to develop more leads for Ruby, building on the brand she has created for herself over more than 15 years in the industry as an “energetic, trusted and knowledgeable advisor”.

OKAY.com is pleased to announce the addition of Lily Wong as an Associate Director on the Executive Team. With a wealth of local property knowledge spanning over 30 years, Lily has been a cornerstone of the Hong Kong real estate industry, holding prominent roles at First Pacific Davies, CBRE, Hong Kong Homes, and most recently, Hong Kong Sotheby’s International Realty, with a core focus on luxury sales and leasing.Industry Leader Lily Wong Joins Executive Team at OKAY.comLily shared, “I was drawn to OKAY.com by its innovative business model, culture, technology and the people. The management team are very willing to listen to opinions and implement new ideas. Combined, OKAY.com provides a significantly richer environment for top agents in the industry to better serve their clients.”Joshua Miller, OKAY.com CEO, added “Lily brings extensive experience to OKAY.com as part of our strategic expansion, and we are all excited to have her on the executive team. We look forward to seeing her team grow and leverage the extensive tools, database and brand in providing the professionalism and superior levels of service that her clientele have enjoyed for decades.”Click here to read more about Lily.

Hong Kong is well known for its steep property prices, consistently ranking as one of the most expensive places to live in the world. Of course, within a city overwhelmed by high property prices, there are certain properties that inevitably rise above the rest. The playgrounds and domiciles of billionaires, these residences stand firmly at the top, with their shared qualities of a prestigious address on the Peak and their astronomical price tags. The list itself is an evolving one, nudged into an upward incline by the unseen forces of speculation and inflation. With a new record breaker set earlier this month, we have compiled an updated list of the priciest listings.Hong Kong’s 5 most expensive residential property transactionsNo. 5: 3 Gough Hill Road, The PeakPhoto Credit: LWK & PartnersSold by Peter Law Kin Sang for HK$650 million in 2013, the first entry on the list starts off well into the hundred millions. Mr. Law is both a garment exporter and the owner of multiple race horses. He has owned 12 horses over the years.No. 4: House 8, 28 Barker Road, The PeakPhoto Credit: LWK & PartnersIn 2013, this property was sold for HK$740 million to Chinese lawyer, Raymond Li. Designed by LWK & Partners, the unit is part of a 7 house development. These houses were purportedly designed with the seemingly contradictory combination of neo-classical and minimalistic styles. Perhaps we can attribute its price tag to its bold statement in design in conjunction with its “commanding view [over] Central and Victoria Harbor”.No. 3: Skyhigh, 10-18 Pollock’s Path, The PeakPhoto Credit: Next MediaThis is the last property on this list whose price is firmly rooted within the range of hundreds of millions. Sold in 2011 to an undisclosed buyer for HK$800 million, this house was formerly owned by movie-maker and comedian, Stephen Chow. Chow was also reportedly involved with the development process of this house, a factor that may have potentially contributed to the property’s incredible price.No. 2: 22 Barker Road, The PeakPhoto Credit: ejinsightWidely rumoured to have been sold to the Founder of Alibaba, Jack Ma, for HK$1.5 billion in 2015, the 9,890 sq.ft property with 20,000 sq.ft garden was actually purchased by Zhang Songqiao, a property magnate from Chongqing. Built in 1949, the house was renovated by the late Karl Shiu Ka Leung and his company KLS Planners in the early 2000s. The renewal of the property was considered by Mr. Shiu’s son to be his magnum opus, with the project itself covering a span of 2-3 years and involving the import of building materials and tailor-made furniture from overseas.No. 1: 15 Gough Hill Road, The PeakPhoto Credit: SCMPAchieving the staggering price of HK$2.1 billion in June (2016), this house was sold to tycoon Cheng Hongtian, with a fortune valued at HK$18.9 billion. The sale sets a new record that leaves the runner up coughing in the dust. The tycoon does not intend to flip this property further down the line, instead designating it as his new long-term abode, deeming his old 5,154 sq.ft home at Opus Hong Kong in the Mid-Levels “too tiny” for his family.And there you have it, Hong Kong’s top 5 highest residential property transactions. The numbers represent unimaginable amounts of wealth for most of us, but in the eyes of these particular individuals, is a price well paid. Stay tuned for the next record breaker!

Over the past five years, average home prices in Aberdeen have seen rapid growth of 63% with a number of new developments pushed out to market including Larvotto and Marinella that offer larger family apartments with balconies and comprehensive clubhouse facilities.Are more expats set to move to Aberdeen?In an interview with the SCMP, Associate Director at OKAY.com Lily Wong shares her observations on how the expat rental market has responded to the upcoming South Island MTR Line (East) and the development of Wong Chuk Hang, noting that while lower rentals attract some expats to the district, it is not near as popular with expat tenants compared to Mid-Levels, Kennedy Town or Wan Chai.“Expats might be more willing to consider renting a home in Aberdeen after the MTR begins operations, which will help ease the traffic bottleneck of the Aberdeen Tunnel, especially during rush hours,” Lily commented.The South Island Line (East) extending from Admiralty to Wong Chuk Hang, Lei Tung, South Horizons (West) is scheduled to be completed by the end of 2016. The South Island Line (West) linking Wong Chuk Hang, Aberdeen, Tin Wan, Wah Fu, Cyberport, Queen Mary Hospital and the University of Hong Kong is scheduled to be completed by the end of 2026.For more details, view the full article here.