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Cheap sale signals cooling Hong Kong housing market

Posted on 10 August 2011

A luxury residential site in Hong Kong was sold well under market expectations on Tuesday at the latest government land auction, signalling a cooling of the city’s red-hot property market.
The 23,000-square-metre (247,570-square-foot) site near the outskirts of the southern Chinese city went for HK$5.5 billion ($704.4 million), well below the HK$7.1-HK$8.25 billion range forecast by five analysts polled by Dow Jones Newswires……………………………………….Full Article: Source


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