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Real Estate Briefing - Categorized | Finance, Market Moves more

Hong Kong plot sale is far below target, reflecting correction

Posted on 12 August 2011

The Hong Kong government sold a plot of land at a price far lower than estimates, with local developers describing the transaction as the clearest sign yet of a correction building in the world’s most expensive residential property market.
The 2.3-hectare site in the luxury Kau To Shan residential area only attracted one bidder offering the minimum price of HK$5.5 billion (Dh2.6 billion) on Tuesday, compared with surveyors’ pre-sale assessments ranging between HK$7.25 billion and HK$9.25 billion, according to a Bloomberg survey……………………………………….Full Article: Source

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