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Monday, February 22, 2010

Sun Hung Kai sells homes for HK$4.2b

Sun Hung Kai Properties Ltd sold a batch of 900 homes in Hong Kong for HK$4.2 billion (US$540 million) at a new development over the weekend amid crowds of thousands, fueling speculation the city’s housing market is overheating.

The apartments at the Yoho Midtown apartment complex in Yuen Long sold for an average HK$5,400 per square foot, Amy Teo, project director at the world’s biggest property developer by market value, said in an interview. That compares with an average HK$3,000 per square foot for new homes in the area a year ago, according to Wong Leung-sing, an associate director at Centaline Property Agency Ltd.

Hong Kong’s home prices surged 29 percent in 2009 as low interest rates and an increase in buying by mainland Chinese stoked demand.

By Bloomberg

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