This is the first edition in BMI's new series of reports on real estate sectors around the world. We have sought to incorporate data and insights from our reports on infrastructure and commercial banking - as well as our own forecasts for the economies of the various countries that we survey. Key issues - Hong Kong We suggests that the following are the key issues to monitor for the real estate sector in the coming year or so: The growth rate in the construction sector, which is very low and not anticipated to increase much in the short-to-medium term. Bank lending and the growth rate of bank lending, which are currently at reasonable levels. Property prices, which are experiencing a steady but unspectacular growth. These conclusions are based on our proprietary Real Estate/Construction Business Environment Rating (RECBER), the component factors of which we discuss in detail. The conclusions are also set against recent conditions in the commercial office market - for which we have used office rents in major cities as a proxy and in the residential real estate market - for which we have used housing prices as a proxy. A major trend throughout all our real estate reports is that - mainly due to the global financial crisis, access to funding will be more important than usual. Accordingly, we have incorporated overviews of conditions in the commercial banking sector - both globally and in the region of each country. We have also looked at the issues that will drive the fortunes of Real Estate Investment Trusts (REITs) over the coming months.
Report Table of Contents:
Executive Summary
Key Features Of This Report
SWOT Analysis
Hong Kong Real Estate/Construction SWOT
Hong-Kong Economic SWOT
Hong-Kong Business Environment SWOT
Real Estate Market Overview
Key Projects
Construction Overview
Historical Activity
Residential Construction
Commercial Construction
Tourism Construction
Major Projects
Table: Hong Kong - Major Infrastructure Projects - Construction
Real Estate Investment Trusts
Table: FTSE EPRA/NREIT Global Real Estate Index, Total Returns (US dollar terms)
Table: US REITs, Total Returns (US Dollar Terms)
Industry Finance Outlook
Global Outlook
Table: Loan Growth, 2006-2013 (% Change y-o-y)
Table: Loan-To-Deposit Ratios, 2006-2013
Industry Forecast Scenario
Asia Pacific Real Estate Forecasts
Table: Asia Pacific Housing Prices At A Glance (% Change y-o-y)
Table: Asia Pacific Office Rents, CBRE
Table: Economic And Construction Data Table
Macroeconomic Outlook
Table: Hong Kong - Economic Activity
Real Estate/Construction Business Environment Rating
Real Estate/Construction Business Environment Ratings
Table: Asia Real Estate/Construction Business Environment Ratings
Hong Kong’s RECBER
Asia Pacific Project Finance Ratings
Table: Design And Construction Rating
Table: Commissioning And Operating Rating
Table: Overall Project Finance Rating
Hong Kong’s Business Environment
Introduction
Latest Developments
Table: Business And Operational Risk Ratings
Institutions
Table: Legal Framework Ratings
Infrastructure
Table: Labour Force Quality
Market Orientation
Table: Asia, FDI Annual Inflows
Table: Trade Ratings
Table: Hong Kong Top Export Destinations
Operational Risk
Company Monitor
Cheung Kong Infrastructure (CKI) Holdings
CLP Power Hong Kong
Cheung Kong (Holdings)
Sun Hung Kai Properties
Henderson Land Development
Chinese Estates Holdings
Sino Land
BMI Forecast Modelling
How We Generate Our Industry Forecasts
Construction Industry
Bank Lending
Real Estate/Construction Business Environment Rating
Table: Weighting Of Indicators
Project Finance Ratings Indicators
Table: Design And Construction Phase
Table: Commissioning And Operating Phase - Commercial Construction
Table: Commissioning And Operating Phase - Energy And Utilities
Table: Commissioning And Operating Phase - Transport
Sources
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