Hong Kong’s government pledged to continue to boost land supply as it tries to cool the property market, a day after its first auction of the fiscal year fetched almost a third less than surveyors’ estimates.
Poultry imports from the part of southern China where a man died from the H5N1 virus remain banned in Hong Kong after genetic tests linked the man’s strain of the disease to the version found in wild birds in the city.
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 developers may pay HK$8.41 billion ($1.08 billion) for a residential site at a government auction tomorrow, as some analysts cut their estimates after two previous land sales missed forecasts and apartment prices fell in the last two weeks.
Martin Lee, the youngest son of Hong Kong real estate tycoon Lee Shau-kee , paid HK$1.82 billion ($233 million) for a site in the city’s most expensive residential area, signaling luxury home demand is withstanding government measures to avert a bubble.