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HK site sells under estimates
Source: Bloomberg News |
September 7, 2011, Wednesday
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SUN Hung Kai Properties Ltd paid HK$3.12 billion (US$400 million) for a residential site at a Hong Kong land auction yesterday, the third plot in succession to sell for less than estimates as the city's home prices cool.
The price for the site in the city's Tseung Kwan O was equivalent to HK$3,934 a square foot, according to calculations by Centaline Property Agency Ltd.
The property was estimated to fetch HK$3.7 billion, the median estimate in a Bloomberg News survey of five surveyors and analysts, whose forecasts ranged from HK$3.3 billion to HK$4.4 billion.
Hong Kong's government, which is boosting the supply of land to try and curb a more than 70 percent surge in home prices since early 2009, sold two sites in August below estimates as home price gains have stalled on concern the economy is sliding into recession.
"The auction result shows that developers have concerns about the property market outlook," said Yu Kam-hung, a Hong Kong-based senior managing director for valuation and advisory services in Greater China at CB Richard Ellis Group Inc.
"The stock market slump in Hong Kong Monday and the recent issues in Europe and the US all contribute to the negative sentiment." CB Richard Ellis had forecast the site to fetch HK$3.7 billion.
The price for the site in the city's Tseung Kwan O was equivalent to HK$3,934 a square foot, according to calculations by Centaline Property Agency Ltd.
The property was estimated to fetch HK$3.7 billion, the median estimate in a Bloomberg News survey of five surveyors and analysts, whose forecasts ranged from HK$3.3 billion to HK$4.4 billion.
Hong Kong's government, which is boosting the supply of land to try and curb a more than 70 percent surge in home prices since early 2009, sold two sites in August below estimates as home price gains have stalled on concern the economy is sliding into recession.
"The auction result shows that developers have concerns about the property market outlook," said Yu Kam-hung, a Hong Kong-based senior managing director for valuation and advisory services in Greater China at CB Richard Ellis Group Inc.
"The stock market slump in Hong Kong Monday and the recent issues in Europe and the US all contribute to the negative sentiment." CB Richard Ellis had forecast the site to fetch HK$3.7 billion.
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