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.
Leung Chun-ying, the property surveyor who was a surprise choice to be Hong Kong’s new leader, takes office July 1 facing immediate demands to narrow a record wealth gap and come up with plans for universal suffrage.
Martin Lee, a son of property billionaire Lee Shau-kee, bought a site on Hong Kong’s Peak and said it was for family use. The auctioneer, Joseph Tsang, said the price was HK$68,200 ($8,747) per square foot.
A Henderson Land Development Co. subsidiary bought a Hong Kong building site for HK$1.33 billion ($170 million) in the second auction this year to miss surveyors’ estimates as the government moves to ease concern about a property bubble.
Hong Kong chief executive-elect Leung Chun-ying’s visit to the Beijing Liaison Office yesterday raised concerns over the role China would play in the city’s next administration, former chief secretary Anson Chan said.
Leung Chun-ying, a former property surveyor, pledged to address Hong Kong’s wealth gap and demands for universal suffrage as the city’s next chief executive after winning a poll in which only one in 5,900 people could vote.
Nan Fung Development Ltd. and Wharf (Holdings) Ltd. bid HK$10.4 billion ($1.34 billion) for a site in Hong Kong, falling short of some surveyors’ estimates and sending property stocks to the biggest drop in almost two weeks.