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.
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.
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.
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.
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.
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.