<p>香港的新世界发展（NWD）已搁置收购铜锣湾三个商业地块剩余股份的计划，尽管核心办公市场需求有所改善，但开发商仍表现出持续的谨慎。该公司一直在出售资产以减少债务，并表示将 “根据成本和效率，以及整体市场供需情况，适度谨慎，以期实现合理回报”。截至 12 月，NWD 报告的总债务为 1443 亿港元（184 亿美元），并于 10 月申请强制出售，以收购 Percival Street、Russell Street 和 Lee Garden Road 地块的少数股东股份。这类销售允许开发商在达到所有权门槛（通常在 65% 到 90% 之间，具体取决于建筑物的年龄和位置等因素）后，强制出售老旧建筑，从而促进重建，并在某些情况下增加住房供应。此举正值分析师指出香港商业地产市场的 “二元复苏” 之际。“目前，复苏主要集中在核心的中环办公租赁市场；其他办公领域和更广泛的零售市场仍面临压力，” JLL 香港及澳门价值与风险咨询负责人 Alkan Au 表示。根据 JLL 的数据，2 月份优质办公市场的空置率仍高达 13.4%，与一个月前变化不大。然而，在中环，空置率降至 9.9%——这是自 2023 年 12 月以来首次降至 10% 以下。“鉴于商业复苏的步伐缓慢，开发商对重建地块特别谨慎，” Au 表示，并指出新建项目的高资本成本和较长的回报期使其不如整栋建筑更具吸引力，后者可以立即产生入住或租金收入。标准普尔全球评级表示，预计今年和明年将有约 200 万平方英尺的新 A 级办公空间完工，该领域仍面临过剩。在零售物业领域，信用评级机构表示，非必需消费支出的复苏 “比奢侈品领域更不确定”。“复苏并非广泛；它集中在一些优质 A 级办公大楼和一些擅长吸引奢侈品零售租户的房东身上，” 该机构在周四的一份报告中表示。根据 Vincorn Consulting and Appraisal 的董事总经理 Vincent Cheung 的说法，NWD 仍有机会完全控制这些地块。“开发商可能会考虑强制收购和私下出售，以收购剩余股份，” 他说。“但如果他们没有立即的重建计划，也不能排除将项目出售给第三方的可能性。”</p>

新世界发展

<p>香港的新世界发展已暂停收购铜锣湾三处商业地产的剩余股份，这反映出尽管办公市场有所恢复，开发商仍持谨慎态度。该公司正在减少债务，强调在市场条件下采取审慎的策略。分析师指出，商业地产市场呈现出双速复苏的局面，许多领域的空置率依然较高。新世界发展仍可能探索全面控制这些地产的选项，包括强制收购或私下销售，同时考虑在重建计划不立即实施的情况下进行第三方销售的潜力</p>

<p>Hong Kong’s New World Development (NWD) has shelved plans to acquire the remaining stakes in three commercial sites in Causeway Bay, signalling continued caution among developers despite signs of improving demand in the core office market. The company, which has been selling assets to reduce debt, said it would “exercise prudence as appropriate, having regard to cost and efficiency, as well as overall market supply and demand, with a view to delivering reasonable returns”. NWD, which reported total debt of HK$144.3 billion (US$18.4 billion) as of December, had applied in October for a compulsory sale to buy out minority owners of the sites at Percival Street, Russell Street and Lee Garden Road. Such sales allow developers to force the sale of ageing buildings once ownership thresholds – typically between 65 and 90 per cent, depending on factors such as age and location – are met, facilitating redevelopment and, in some cases, boosting housing supply. The move comes as analysts point to a two-speed recovery in Hong Kong’s commercial property market “Currently, recovery is mainly in the core Central office leasing market; other office sectors and the broader retail market remain under pressure,” said Alkan Au, head of value and risk advisory for Hong Kong and Macau at JLL. Vacancy rates in the prime office segment remained elevated at 13.4 per cent in February, little changed from a month earlier, according to JLL. In Central, however, vacancies fell to 9.9 per cent — the first time since December 2023 that the rate has dipped below 10 per cent. “Given the sluggish pace of the commercial recovery, developers are particularly cautious regarding redevelopment sites,” Au said, noting that the high capital costs and long payback periods of ground-up projects made them less attractive than en bloc buildings, which can generate immediate occupancy or rental income. With about 2 million sq ft of new grade A office space due for completion this year and next, S&amp;P Global Ratings said the sector continued to face oversupply. In the retail property segment, the credit-rating agency said recovery in non-discretionary spending was “less certain” than in the luxury segment. “Recovery is not broad-based; it is concentrated within select grade A office towers and for some landlords adept at attracting luxury retail tenants,” it said in a report on Thursday. NWD still has options to secure full control of the sites, according to Vincent Cheung, managing director at Vincorn Consulting and Appraisal. “The developer may consider both compulsory acquisition and a private sale to buy out the remaining shares of the sites,” he said. “But it cannot be ruled out that they may also consider selling the project to a third party if they have no immediate plans for redevelopment.”</p>
<div class="lb-trans"><p>香港的新世界发展（NWD）已搁置收购铜锣湾三个商业地块剩余股份的计划，尽管核心办公市场需求有所改善，但开发商仍表现出持续的谨慎。该公司一直在出售资产以减少债务，并表示将 “根据成本和效率，以及整体市场供需情况，适度谨慎，以期实现合理回报”。截至 12 月，NWD 报告的总债务为 1443 亿港元（184 亿美元），并于 10 月申请强制出售，以收购 Percival Street、Russell Street 和 Lee Garden Road 地块的少数股东股份。这类销售允许开发商在达到所有权门槛（通常在 65% 到 90% 之间，具体取决于建筑物的年龄和位置等因素）后，强制出售老旧建筑，从而促进重建，并在某些情况下增加住房供应。此举正值分析师指出香港商业地产市场的 “二元复苏” 之际。“目前，复苏主要集中在核心的中环办公租赁市场；其他办公领域和更广泛的零售市场仍面临压力，” JLL 香港及澳门价值与风险咨询负责人 Alkan Au 表示。根据 JLL 的数据，2 月份优质办公市场的空置率仍高达 13.4%，与一个月前变化不大。然而，在中环，空置率降至 9.9%——这是自 2023 年 12 月以来首次降至 10% 以下。“鉴于商业复苏的步伐缓慢，开发商对重建地块特别谨慎，” Au 表示，并指出新建项目的高资本成本和较长的回报期使其不如整栋建筑更具吸引力，后者可以立即产生入住或租金收入。标准普尔全球评级表示，预计今年和明年将有约 200 万平方英尺的新 A 级办公空间完工，该领域仍面临过剩。在零售物业领域，信用评级机构表示，非必需消费支出的复苏 “比奢侈品领域更不确定”。“复苏并非广泛；它集中在一些优质 A 级办公大楼和一些擅长吸引奢侈品零售租户的房东身上，” 该机构在周四的一份报告中表示。根据 Vincorn Consulting and Appraisal 的董事总经理 Vincent Cheung 的说法，NWD 仍有机会完全控制这些地块。“开发商可能会考虑强制收购和私下出售，以收购剩余股份，” 他说。“但如果他们没有立即的重建计划，也不能排除将项目出售给第三方的可能性。”</p>
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新世界发展在复苏不均的情况下暂停了铜锣湾的收购计划