The birthplace of Sun Yat-sen is probably the Greater Bay’s most livable city, a magnet for Hong Kong and Macau retirees. But it has modern ambitions, too.Continue reading Zhongshan: Cultural icon goes hi-tech
The contrast between Hong Kong and Shenzhen could not be starker than in their respective plans for subsidized, or social, housing. While Shenzhen is targeting a surge over the coming two years, putting as many as 300,000 units on the market, Hong Kong has announced it will likely be able to build no more than 13,400 units in the current year, well down from its initial target of just 18,000 for the fiscal period ending in March.
Shenzhen plans to sell 600,000 new homes between now and 2022, of which rental units will be no less than 300,000, it was announced this week. This is part of the city’s bigger urban development plan, unveiled in August last year, which will see 1.7 million new houses built by 2035, with more than 1 million being subsidized.Continue reading Tale of two cities’ housing markets
Shenzhen’s housing policies have been the focus of intense online discussion in recent months, with many commentators and analysts comparing them to Hong Kong’s. The city’s plans to build 1.7 million new homes by 2035, at a rate of more than 80,000 per year, are unthinkable for Hong Kong, where the government has said it hopes to build 10,000 new social-housing units in the next three years. Moreover, Shenzhen has made it clear that 40% of its housing supply will be earmarked for subsidized housing – in comparison with its neighbor, where 29.1% of households live in public rental housing and another 15.5% in subsidized home ownership housing.
However, Shenzhen is not without challenges of its own in achieving these goals. And sometimes, examples come to light showing the complexity of the city’s housing market. One such case is the redevelopment of the Baishizhou neighborhood.
Something strange is happening in Macau’s property market. After a rapid expansion period in 2017 and a cooling off last year, residential sales, which usually follow gaming revenue trends, saw a sharp fall in the first half of this year. Transactions plunged 42.2% YoY, according to DSF statistics. Offices did slightly better, but retail space also took a knock. This is despite the influx of visitors, which were up nearly 25%, and the stabilization of gaming revenues, which were slightly positive.Continue reading Macau sees property sales plunge in first half
Development of the industrial and retail sectors in the Greater Bay Area will fuel demand for warehouses, according to international real estate advisor Savills.
High-standard warehouses are currently concentrated in Foshan, Guangzhou and Dongguan, but as scant land allocated to logistics is coming into these markets, new supply is expected to switch to emerging areas, including Jiangmen and Zhaoqing, China Daily quoted Savills as saying.
Shenzhen’s vacancy rate in logistics real estate is the lowest among the nine mainland Bay Area cities, at 2%, followed by Dongguan and Foshan at 5% each. Zhaoqing has the highest vacancy rate of 12 percent.