The church has secured several floors at the property at 413-423 King’s Road as its ‘future permanent home in Hong Kong’, it said in a statement on its website.

Sunac China Holdings, Shimao Group, CIFI Group and Country Garden Holdings are among property developers whose projects have been included in ‘whitelists’, a mechanism that qualifies their projects for financial support from banks.

More office landlords and flexible work space operators are likely to form partnerships that will do away with the traditional lease business that has been ‘catastrophic’ for the industry, according to the founder of The Work Project.

Property deals in Hong Kong surged in January to their highest since August on stepped-up buying amid expectations of stable interest rates and hopes that a government residency scheme will draw more investments into the sector.

Despite a slew of measures rolled out by Chinese regulators recently to boost demand for property, developers are still struggling with weak sales and reported declines of more than 40 per cent in January.

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Hong Kong’s lived-in home prices fell by about 1.4 per cent, the eight straight monthly decline. Overall, prices fell 6.7 per cent in 2023, versus a much sharper slump than the 15 per cent decline a year earlier.

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Hong Kong’s industrial property segment is seeing a pick up in demand, with the likes of Microsoft committing to long-term leases for data centre facilities, property consultancy JLL said.

Franklin Templeton, which has leased 21,700 sq ft on the 62nd floor of Two IFC, will shift from its present premises in Chater House. Last week, China Re leased 6,740 sq ft in the 88-storey tower.

The scale and extent of the impact, however, remains to be seen, even as half of those who availed visas under the Business Innovation and Investment Programme last year were from mainland China and Hong Kong, Juwai IQI’s Daniel Ho says.

State-owned reinsurance company China Re Asset Management is moving to the 41st floor of Hong Kong’s Two International Finance Centre in Central, where it has leased 6,740 sq ft for the same price it paid for its previous offices in Three Exchange Square.

Investment in Hong Kong property fell by 28 per cent to HK$37 billion (US$4.73 billion) last year, its lowest level since the 2008 financial crisis, but is expected to rise to HK$50 billion in 2024, Colliers says.

Hong Kong’s decade-long property bull run, stopped in its tracks during the pandemic, plunged into negative territory after the local monetary authority raised interest rates in lockstep with the US Federal Reserve.

New measure from NAFR for financial leasing is expected to enhance credit profiles of larger companies but accelerate exit of weaker firms, analysts say.

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Buyers snapped up nearly 60 per cent of 165 units on offer at the Phoenext project in Wong Tai Sin, while shunning more expensive flats at KT Marina.

China Aoyuan is the latest among debt-stricken home builders to win forbearance from offshore creditors and courts to cure their defaulted debts as China’s property market struggles to overturn a multi-year slump.

China Resources Land recorded a 2 per cent gain in sales last year, one of a handful of home builders to keep shareholders happy amid a property market slump.

The company got buzz with the launch of flats as small as 131 sq ft in 2019, but poor sales and record high interest rates weighed on its debts.

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China Evergrande stood by its audited accounts after changes to its revenue recognition methodology from 2021 prompted analysts at GMT Research to say the firm was ‘never profitable’.

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Some analysts believe it is the right time to buy as the market is close to bottom, and the 20 per cent decline in property prices from an all-time high offsets the higher mortgage rates. Others see leasing as a viable option.