Hong Kong Land Central office vacancy rose to 6.2%

But retail portfolio remained fully let.

According to Barclays, Hongkong Land indicated that the Hong Kong office leasing market continued to see some signs of improvement, but sentiment remains cautious. While the majority of rental revisions have been positive, Hongkong Land’s office vacancy increased from 5.0% at the end of 2013 to 6.2% at the end of April.

By comparison, the retail portfolio is fully let with rental revisions remaining positive. As for development properties, Hongkong Land sold 13 units at Serenade in Hong Kong year-to-date. In mainland China, property sales fell 40% y/y to US$147mn for the first four month of 2014 due to the fewer sales launches and a weaker market environment.