Cusson Leung News
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Cheung Kong Holdings Ltd., the developer controlled by Asia’s richest man, is canceling the sale of HK$1.4 billion ($180 million) of hotel rooms after Hong Kong’s securities regulator began a probe into the transactions.
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Hong Kong property shares fell the most in seven months after the government imposed a tax on overseas homebuyers to deter capital inflows and reduce the risk of a bubble in the world’s most expensive housing market.
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Cheung Kong Holdings Ltd., the builder controlled by Asia’s richest man, said 2012 profit excluding contributions from unit Hutchison Whampoa Ltd. rose 6 percent as rental income growth offset a decline in home sales.
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Hong Kong Chief Executive Leung Chun-ying imposed the city’s first property tax targeted at overseas buyers as U.S. monetary easing and record-low interest rates boost the risk of a housing bubble.
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Hong Kong’s government sold a site at a land auction today to Nan Fung Development Ltd. for almost a third less than surveyors’ estimates as government measures to curb property speculation cool demand.
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Hong Kong’s government announced its first property tax targeted at overseas buyers, stepping up efforts to cool home prices as U.S. monetary easing and record- low interest rates raise the risk of a bubble.
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Sino Land Co., the Hong Kong developer controlled by billionaire Robert Ng, said full-year profit excluding revaluation gains fell 2.6 percent after it booked fewer apartment sales.
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An office property in Hong Kong’s Central business district sold for a record HK$25,581 ($3,300) per square foot as vacancies drop in the world’s second-most expensive market, according to Knight Frank LLP and Savills Plc.
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Hong Kong will stop offering residency to foreigners who buy property and unveiled a rent-to- buy program, intensifying efforts to cool home prices that have jumped almost 50 percent from 2009.
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Hong Kong’s newly drawn down mortgage loans fell to the lowest level in a year in February, after the government adopted measures to reduce the risk of a property bubble.
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