〈Hong Kong Business, April 6, 2024〉Wealthy foreigners seeking residency in Hong Kong will have to invest more in the city than previously set, following the launch of the new Capital Investment Entrant Scheme (CIES).

Under the scheme, high-net-worth individuals must meet the investment and net assets thresholds of $30m (US$3.83m), up from the previous $10m (US$1.28m).

Ross Davidson, a registered foreign lawyer (England and Wales) at Stephenson Harwood, also clarified that applicants must have net assets of not less than $30m (US$3.83) and only assets held by the investor directly throughout the two years preceding the application would qualify.

〈Asian Post, April 5, 2024〉Home prices in Hong Kong grew marginally a week after the government ditched all extra stamp duties.

Citing the Centa City Leading Index (CCLI), Nomura said home prices in the city rose 0.62% week-on-week (WoW) between 11 March and 17 March.

Nomura said the 0.62% WoW sequential increase was "very marginal" because the CCLI dropped for three consecutive weeks before the scrapping of all the extra stamp duties on 28 February.

"Following the latest marginal recovery, the CCLI is still down by 2.2% year-to-date," Nomura reported.

〈Hong Kong Business, April 4 , 2024〉The retraction of stamp duties might increase property transaction volumes, Nomura reported.

Whilst the Centa City Leading Index states that home prices rose by 2.0% in the first two weeks following the termination of additional stamp duties, Nomura said economic conditions could still lead to a decline in home prices, adding that prices have fallen 0.9% since the beginning of the year.

Nomura expects the CPI inflation to moderate at 2.0% in 2024, following the increase in February to 2.1% YoY from 1.7% in January, which saw price increase in alcoholic drinks and tobacco (6.1% YoY), meals out and takeaway food (3.6%), miscellaneous services (3.6%), housing (3.0%), and transport (2.3%).

〈Hong Kong Business April 3 , 2024〉The total retail sales value hit HK$33.8b in February 2024, an increase of 1.9% from the same month in 2023.

Of the total sales value, 6.9% or HK$2.3b was from online sales. Compared to a year ago, the online retail sales value fell 9.9%.

Amongst retail outlets, "medicines and cosmetics" recorded the biggest improvement, with sales increasing 21.7% YoY.

Other retail outlet types which recorded value increases include “jewellery, watches and clocks, and valuable gifts” (+8.8%), “consumer goods not elsewhere classified” (+10.7%), “commodities in supermarkets” (1.0%), “wearing apparel” (+7.8%), “food, alcoholic drinks and tobacco” (+0.1%), “footwear, allied products and other clothing accessories” (+4.8%), “books, newspapers, stationery and gifts” (+20.1%), and “furniture and fixtures” (+2.9%).

〈The Standard, April 2 , 2024〉Elize PARK, a brand-new boutique residential development constructed by Lofter Group in Mong Kok East, has recorded the first transaction of a featured unit for 6.3855 million. The unit's price per square foot of usable area has reached a new high of around 29,025.

The unit features a 66-foot platform and a 220-square-foot usable area. Uma Lau, District Manager of Midland Realty Olympic Station Branch, stated that the branch helped sell the first featured unit yesterday. "The podium units' outdoor space with its peaceful, open green surroundings is a big hit with buyers."

"The government's Sai Yee Street / Flower Market Road Development Scheme will transform the entire area and bring about appreciation potential." According to Lau, the project's proximity to Sun Hung Kai Properties' 1.52 million-square-foot Sai Yee Street commercial site is another factor that interests buyers.