Hong Kong Sells Land Below Surveyors’ Estimates Amid Rout
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Hong Kong’s government, which is boosting housing supply to ease soaring home prices, today sold a site at auction 33 percent below estimates after stock markets were roiled by the U.S.’s debt downgrade.
A group including Kerry Properties Ltd. and Sino Land Co. bought the land in the Sha Tin district on the first bid for HK$5.5 billion ($704 million), below the HK$8.25 billion median estimate of five in a Bloomberg News survey. Transactions of used apartments at the 10 biggest private projects in Hong Kong fell over the weekend from a week earlier as buyers were deterred by concerns the U.S.’s loss of its top credit rating will extend equity declines.