HK land sale price surpasses estimates

HONG KONG: Hong Kong sold a piece of land yesterday at a price that was a third above forecasts, indicating that the Chinese territory’s property sector could still be frothy even after cooling measures were announced weeks ago.

The government has been selling land at higher-than-expected prices over the past few auctions as demand for posh apartments has been holding up well in Hong Kong due to low interest rates, purchases from rich Chinese and Asia’s strong economy.

By Reuters