News

"Against the backdrop of the COVID-19 pandemic, the Group has delivered a resilient full year performance reflecting both the robustness and geographic diversity of our business and the mitigating actions taken by staff across the globe."

"Savills plc, the international real estate advisor, is pleased to announce the appointments of Philip Lee and Richard Orders as additional Independent Non-Executive Directors with effect from 1 January 2021. "

"Prominent real estate advisor Savills pointed out that with the local market's demand for daily necessities and e-commerce increasing since the outbreak of COVID-19, the “stay-at-home economy” is booming in Hong Kong together with other trends such as “work from home” (WFH)."

"Luxury volumes have been volatile over the past few months with the buoyant mood in July quickly dissipating due to a third wave of virus infections and heightened social tensions."

"The rate of decline in overall rents slowed to 3.4% in the third quarter, compared with 3.8% in the previous quarter. "

"The third wave of COVID-19 set back the slow recovery of the retail market in the Q3, but despite the rise in cases, the rate of decline in retail sales slowed in July and August."

"The third quarter saw a continued drift in the city’s trading and retail performance due to a rebound virus cases and increasing US / China tensions, with both imports and total exports declining by 4.5% and 2.7% y-o-y respectively in July and August, while retail sales dropped by a more moderate 23.1% y-o-y in July compared with previous months."

"En-bloc commercial volumes staged a modest rebound in Q3 with seven transactions registered totalling around HK$4 billion, as both local and Mainland investors returned for either high-yielding properties or older buildings with redevelopment potential."

"A fairly mixed picture of rental movement has emerged in the third quarter. On Hong Kong island, Pokfulam rents held up reasonably well, most probably because the area represents good value for money compared with either Mid-levels or Southside. The refurbishment of Victoria Gardens has also pushed former residents into surrounding blocks supporting lower vacancy rates. Later in the year, the redevelopment of University of Hong Kong owned High West may have a similar impact, although many tenants will be rehoused in other university accommodation nearby.  "

"Industrial and logistics assets are now firmly at the heart of core investment strategies and, according to Savills, have accounted for a record 20% of the total investment volume into real estate in the first half of this year.  "