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Wednesday, October 13, 2010

HK luxury property market rosy, say experts

HONG KONG: The latest government land auction, a site in the Kowloon Tong district in Hong Kong, has fetched a higher-than-expected price at US$210 million.

Analysts said the price reflected optimism about luxury property prices in Hong Kong and expected that the government would not be raising curbs on property speculation.

Two developers had earlier bid for the site: Robert Kuok's listed Kerry Properties, which owned an adjacent site and unlisted ChinaChem Group, the property empire of the late Nina Wang.

ChinaChem eventually won with a bid of US$210 million - 55 per cent higher than the opening price, and exceeding expectations.


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