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HK sells housing site at higher price
Source: Bloomberg News |
May 31, 2012, Thursday
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Print Edition
Print Edition
HONG Kong's government sold a housing site in the Island South district for more than analysts estimated, easing concerns that the city's home prices may fall on increased housing supply and the threat of a global slowdown.
The 248,000 square-foot site on Deep Water Bay Drive fetched HK$6 billion (US$773 million) and went to an unidentified developer in a tender, according to an e-mailed statement. Closely held Nan Fung Development Ltd bought the plot, the Hong Kong Economic Journal reported on its website, citing unidentified people. The land was expected to fetch HK$5.4 billion, according to the median estimate of three surveyors interviewed by Bloomberg News.
China's gross domestic product expanded 8.1 percent in the first three months from a year earlier, the fifth straight quarterly deceleration, as Premier Wen Jiabao cracked down on property speculation and exports were hurt by Europe's debt crisis. The benchmark Hang Seng Index has fallen 11 percent this month.
"The price is reasonable," said Ringo Lam, a director in the valuation department of AG Wilkinson & Associates. "That probably reflects that, after all, developers and home buyers aren't that skeptical about the market."
Leung Chun-ying, who in July will take over as Hong Kong's new leader, has vowed to increase housing supply to quell public discontent over a widening wealth gap in the world's most expensive place to buy a home.
The 248,000 square-foot site on Deep Water Bay Drive fetched HK$6 billion (US$773 million) and went to an unidentified developer in a tender, according to an e-mailed statement. Closely held Nan Fung Development Ltd bought the plot, the Hong Kong Economic Journal reported on its website, citing unidentified people. The land was expected to fetch HK$5.4 billion, according to the median estimate of three surveyors interviewed by Bloomberg News.
China's gross domestic product expanded 8.1 percent in the first three months from a year earlier, the fifth straight quarterly deceleration, as Premier Wen Jiabao cracked down on property speculation and exports were hurt by Europe's debt crisis. The benchmark Hang Seng Index has fallen 11 percent this month.
"The price is reasonable," said Ringo Lam, a director in the valuation department of AG Wilkinson & Associates. "That probably reflects that, after all, developers and home buyers aren't that skeptical about the market."
Leung Chun-ying, who in July will take over as Hong Kong's new leader, has vowed to increase housing supply to quell public discontent over a widening wealth gap in the world's most expensive place to buy a home.
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