September 2008 will be remembered by the world as the most dramatic month in financial history. Lehman Brothers, the fourth largest investment bank in the US, collapsed amid the historical credit crisis; Merryll Lynch was sold to Bank of America as other salvation plans failed; AIG, one of the world’s largest financial groups, went into deep trouble and was only saved of its immediate closure by US government’s injection of US$85 billion; Wachovia Bank was in negotiation to be sold and more than a dozen US banks closed down since the subprime woes surfaced. Even the survivors Morgan Stanley and Goldman Sachs had to change its business model to the traditional commercial banking. In Europe, Fortis Group had to be saved by the Belgian government, Hypo Real Estate was calling for German government’s bailout, and many other European governments had to dig deep into their reserve to salvage falling financial institutions. In UK, troubled mortgage lender Bradford & Bingley had to be nationalised to avoid closing down after UK government rushed to save Northern Rock a few month earlier.
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Despite the successful sale of Soho 38 in Midlevels Central, the property sales market is still suffering from significant drop in transactions. The more pessimistic outlook of property market has prompted sliding of property stocks in the stock market, which is already long battered by the global credit crunch and slowing major economies.
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Landscope Realty is pleased to announce today the sale of a high floor unit in Serene Court, 8 Kotewall Road, Midlevels West, Hong Kong for $28,000,000.
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Landscope Realty is pleased to announce today the sale of a mid-floor unit in SOHO 38, 38 Shelly Street, Midlevels West, Hong Kong for about $10,000,000.
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The luxury property sales market continued its lull in the summer. There were sporadic transactions in the Southside, nothing significant in value. In Midlevels and Happy Valley, sales were just a fraction of the heyday; and again, nothing exciting. We don’t expect to see any significant change in status quo for the remainder of the year.
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