News roundup: Hong Kong’s economy rebounds with property sales and a recovering stock market, plus other stories

For PropertyGuru’s real estate news roundup, Hong Kong’s economy improves with a marked increase in the city’s property sales and a significant rebound in the stock market. In other news, the steel industry in Vietnam is expected to have a positive outlook for 2024, while Myanmar’s crackdown on purchases of Thai condominiums by its citizens could cause a significant decline in condo transfers.

Finance chief says Hong Kong’s economic outlook improving as property sales, stocks bounce back

Hong Kong’s economic outlook has been improving, with a marked increase in the city’s property sales and a significant rebound in the stock market, Financial Secretary Paul Chan has said.

On his official blog on Sunday, Chan wrote that the total number of residential property sales had bounced back, with sales in April totalling 8,551 – a more than 115 percent increase from last March’s figures, HKFP reports.

The price index for private residential properties rose by one per cent in March, according to the Rating and Valuation Department, marking an end to a downward trend that began in May 2022.

Positive outlook for Vietnam’s steel industry in 2024

The steel industry in Vietnam is expected to have a positive outlook for 2024, with major companies like Hoa Phat and Hoa Sen projected to experience significant recoveries, while small businesses may face challenges in finding output due to the recovery of steel prices and demand from large contractors.

According to Tien Phong Securities (TPS) in VietnamPlus, the outlook for the steel industry to the end of 2024 is largely positive. The domestic economy is showing improvement, with construction projects resuming, feeding into a more vibrant steel consumption market after the Lunar New Year holiday.

Steel enterprises have seen smooth progress in the first quarter of this year. However, the consumption of construction steel in Vietnam experienced a 20% decline compared to the fourth quarter of the previous year, mainly due to weak demand from the real estate market.

Myanmar’s crackdown dents condo purchases in Thailand

Myanmar’s crackdown on Thai condo purchases by its citizens could cause a significant decline in condo transfers during the second and third quarters, according to the Thai Condominium Association.

Prasert Taedullayasatit, president of the association, said Thai condo units worth more than 1 billion baht were blocked from transfers to buyers from Myanmar in April and May following the regime’s crackdown.

“This will definitely have an impact on developers’ condo transfers in the second and third quarters as the crackdown will cause difficulties for Myanmar customers, who are an emerging market among foreign buyers, in purchasing Thai condos,” he said in Bangkok Post.

The Property Report editors wrote this article. For more information, email: [email protected].