Luxury-home rents in Hong Kong and Singapore, two of Asia’s most expensive cities for apartment leases, are declining for a third year as banks squeezed by slowing growth cut budgets for expatriate workers.
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.
Harrow International, an arm of the 439-year-old British school that educated Winston Churchill, will spend as much as HK$1 billion ($129 million) on a campus in Hong Kong, where school waiting lists are as long as three years.
Ngong Ping 360 Ltd., the Hong Kong cable car operator controlled by MTR Corp, will suspend services for two months to replace parts and conduct maintenance following a malfunction that stranded about 800 passengers.
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.