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Failed land sale boosts H.K. home prices concern

Posted on 13 January 2012

The Hong Kong government withdrew the tender for a property project at a railway station and sold another site for less than estimated, underscoring concerns that home prices in the city may fall further.
The company set up by the government to manage Bayside, a project at the Tsuen Wan West station, rejected tenders for the site, according to a statement today. The site, with allowed gross floor area of 2.2 million square feet, was expected to fetch HK$7.4 billion ($953 million), according to the median estimate of five surveyors in a Bloomberg News survey………………………………………..Full Article: Source


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