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as of November achieved only 14.2 per cent of the fiscal-year target of HK$85 billion (US$10.9 billion), with six sites withdrawn, JLL says.
MTR Corp has failed to attract any conforming tender to develop a site known as Tung Chung Town Lot No 53, despite many expressions of interest from potential bidders.
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.
In the third of a three-part series on John Lee’s policy address, Salina Li and Cheryl Arcibal look at the impact of the policy and monetary moves since 2009 to cool home prices. Now, stakeholders want the government to roll these back. But will that have the desired effect?
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