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Developers’ enthusiasm for land tenders has shown no signs of easing – a residential site in Hong Kong’s Kwun Tong has attracted stronger than expected interest. But valuers said infrastructure in the region might not be able to support the extra population.
After more than 50 years as a Hong Kong developer, octogenarian billionaire Lui Che-Woo says he’s having trouble reading the city’s property market these days.
HONG KONG (Sept 8): After more than 50 years as a Hong Kong developer, octogenarian billionaire Lui Che-Woo says he’s having trouble reading the city’s property market these days.
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And the acquisitions are likely to continue, say experts, as city remains favourite investment destination amid growing uncertainties in Europe
Cash-rich developers from the mainland are on a shopping spree in Hong Kong and are leaving no stone unturned to corner prime real estate in the city.
Hong Kong Ferry has teamed up with former Sun Hung Kai Properties (SHKP) chairman Walter Kwok Ping-sheung to place the winning bid for a residential site in Tuen Mun at 17 per cent above the high-end of market expectations.
Hong Kong-listed mainland developer Minmetals Land has paid HK$7,000 per square foot for a residential site in Yau Tong, a record price for a traditional industrial area.
But as Poly Real and AVIC join forces, some fear more-powerful players will only intensify competition for land