Real Estate

Pod sweet pod: capsule rooms hit Hong Kong

Sydney Morning Herald 01/18/2012

"Capsule bed" manufacturer Eric Wong, left, and his son Osbert pose inside a modified capsule-like bedroom imported from Japan in his showroom in Hong Kong.

Space-starved Hong Kong has long been plagued by high rents and steep hotel rates, vexing university students and tourists alike. But help may be at hand, thanks to one Hong Kong firm: tiny pods stacked up in tiers to create capsule lodgings at low cost.

Hong Kong Failed Land Sale Heightens Concern Home Prices May Fall Further Kelvin Wong Bloomberg.com 01/14/2012	Chinachem wins $335 mln site bid Alex Frew McMillan Reuters 01/13/2012
The Hong Kong government yesterday withdrew the tender for a property project at a subway station and sold another site for less than estimated, underscoring concerns that home prices in the city may fall further.	Hong Kong property developer Chinachem Group said it won the tender to develop a site next to its Tsuen Wan headquarters for HK$2.6 billion ($334.7 million).
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Asia Society Hong Kong Center -- The Hong Kong Jockey Club Former Explosives Magazine Opens to Public in February 2012 The Asia Society Hong Kong Center (ASHK Center) 01/12/2012	Hong Kong Luxury Rents Reach 'Tipping Point' Kelvin Wong Bloomberg.com 12/20/2011
February 9, 2012 will mark the transformation of four former British military buildings in Admiralty into a cultural and educational hub by Asia Society Hong Kong (ASHK) Center, the premier provider of educational and cultural programs for 20 years. This heritage site, located at 9 Justice Drive, Admiralty, is revitalized with funds generously donated by The Hong Kong Jockey Club Charities Trust and other donors. The Hong Kong Jockey Club Former Explosives Magazine houses the new ASHK Center.	Hong Kong luxury home rents, which fell last quarter for the first time since mid-2009, may slump 10 percent next year as banks and hedge funds scale back amid the threat of a global recession, according to brokers including Jones Lang LaSalle Inc. (JLL) and Colliers International.
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Russian billionaire buys most expensive apartment in NYC Elise Knutsen The New York Observer 12/20/2011	Hong Kong's Lifestyle buys Shanghai site for $388 mln Reuters 12/16/2011
Dmitry Rybolovlev has been a busy man lately. He is in the middle of a bitter divorce that could cost him more than $6 billion (when finalized it will be the world’s costliest divorce), but he has still found the time and funds to buy a struggling AS Monaco soccer team and, it turns out, the most expensive home in the history of Manhattan real estate. Well-connected sources have confirmed to The Observer that the mystery Russian chemist behind the sale of Sandy Weill’s $88 million penthouse at 15 Central Park West is indeed Mr. Rybolovlev.	Department store operator Lifestyle International Holdings Ltd said it had won the bidding for rights at a Shanghai site for 2.47 billion yuan ($387.72 million), allowing it to build a commercial complex including a department store.
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Hong Kong Home Prices May Drop by 10% Before Recovering, StanChart Says Stephanie Tong and Kelvin Wong Bloomberg.com 12/15/2011	Realtors: We Overcounted Home Sales for Five Years CNBC 12/15/2011
Hong Kong home prices, which rose the most globally in the past year, may need to fall as much as 10 percent in 2012 before buyers are lured back, according to Standard Chartered Plc.	Data on sales of previously owned U.S. homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought.
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