Sun Hung Kai Properties (SHKP) topped the city’s home sales table in 2023, accounting for over a quarter of the deal volume for residential flats in one of the world’s most expensive property markets.
Proposed legal amendment to be submitted to Legislative Council for first reading in January and expected to take effect in first half of 2024, development authorities say.
A Sino Land-led consortium won the right to develop a plot in Hong Kong’s Shing Tak Street from the Urban Renewal Authority (URA), after its bid displayed confidence in a highly sought location.
The city saw a record six failed land tenders this year as high interest rates, a sluggish economy and complex development requirements diminished developers’ appetite to acquire new plots, according to Colliers.
Builders hope to clear inventory amid an uptick in market sentiment after the relaxation of some stamp duties, but will need low prices to draw buyers in an overall negative environment, consultants say.