Hong Kong developer Lai Sun Development, chaired by businessman Peter Lam Kin-ngok, who also chairs the city’s Tourism Board, has launched an exchange offer for its outstanding US$493 million worth of 5 per cent guaranteed notes due July 2026, in an effort to relieve short-term liquidity pressures, the company said Monday in a filing to the Hong Kong stock exchange.
While the residential property market has shown signs of recovery, commercial real estate markets in Hong Kong and mainland China remain challenging.
Continued downward pressure on market valuations and negative rental reversions remain.
As of April, overall vacancy rates in Hong Kong’s premium office spaces stood at 13.5 per cent, unchanged from March, according to data tracked by JLL.
While four other core office areas saw an uptick in empty spaces, Central’s vacancy rate declined to 9.2 per cent from 9.6 per cent, data showed.
