Tepid response for Lantau Island parcel continues a dismal year for government land sales, which as of November achieved only 14.2 per cent of the fiscal-year target of HK$85 billion (US$10.9 billion), with six sites withdrawn, JLL says.
EXCLUSIVE: Alex Leung, from Greenford, west London, revealed how he rushed to the aid of his beloved pup Maxi when he heard its piercing screams as it was mauled by an out-of-control dog.
Hong Kong’s residential property market was dealt a double blow after the government withdrew a residential site in Tung Chung owing to low bids even as property deals in October fell to a more than seven-year low, highlighting the difficulty that the sector is facing amid economic uncertainty and high interest rates.
The government’s estimate of potential supply has increased by 12,000 so far this year, but is not likely to equate to actual home completions as developers delay launches and slow construction, analysts say.
Hong Kong’s property developers responded strongly to a tender invitation for a plot of land in Kai Tak, after some analysts had expected it to be withdrawn because of the constraints.