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IMF shares HK’s concern about asset price inflation

Posted on 4 Nov 2009 | Comments Off

It hails govt move to increase land supply to the market

The International Monetary Fund (IMF) said yesterday it shares Hong Kong’s concern that the city may face sharp asset price inflation and encouraged the government to look at increasing land supply for property development.

‘We share the authorities’ concerns that a credit- asset price cycle could take hold, leading to a sharp run-up in prices for certain real and financial assets,’ the IMF said in an annual report on Hong Kong.

‘While such asset price movements are part of the natural equilibrating mechanism of the Hong Kong economy, there is a risk that prices could become driven more by short-term liquidity conditions, divorced from fundamental forces of supply and demand.’

The Washington-based organisation also said it had raised its gross domestic product (GDP) forecasts for Hong Kong following a recent improvement in the economy.

It forecasts a 2 per cent decline in GDP this year, against a 3.5 per cent decline previously, and 5 per cent GDP growth in 2010, up from 3.5 per cent previously. Continue reading →

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Posted in Overseas Property

Tagged Hong Kong Property, Hong Kong Property Market

K1 founder said to seek US$23m for Florida home

Posted on 3 Nov 2009 | Comments Off

Helmut Kiener, the K1 Group hedge- fund founder under arrest in Germany on suspicion of fraud, is seeking to sell his oceanfront home in Delray Beach, Florida, for US$23 million to repay investors, people briefed on the matter said.

Kiener owns the 14,000 square-foot house through Miami-based Consistent Income LLC, whose managing member is Stefan Seuss, the people said, speaking anonymously because the probe isn’t complete. Seuss was arrested in Miami this week in a Federal Bureau of Investigation money-laundering sting and is tied to an international probe of Kiener, people familiar with the matter have said. A Cayman Islands’ liquidator is selling the property, said the people, who declined to provide details about the investors.

‘They are not going to get US$23 million,’ said Sandra Strickland, an independent realtor in Delray Beach, about 80 kilometres north of Miami, as she stood outside the house last week.

‘Right now, we are mostly flooded with US$200,000 and under properties,’ said Ms Strickland, who estimated it’s worth about US$12 million.

The three-story Georgian-style home, put on sale in May, features several chandeliers, including one above an oval bath tub, a two-story wood-panelled library and ‘exotic marble and onyx throughout’, according to the home’s listing on the website of Premier Estate Properties. The master bedroom occupies a wing of the first of three floors. Continue reading →