Govt may release more land to deflate property bubble: Donald Tsang
Henderson Land Development Co said it sold a Hong Kong apartment at a record price hours after Chief Executive Donald Tsang said the government may release more land to deflate a property bubble.
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| Standing tall: A duplex unit on the 68th floor of 39 Conduit Road was sold for a record HK$71,280 psf |
Henderson, controlled by billionaire Lee Shau-kee, sold a duplex unit on the 68th floor of 39 Conduit Road for HK$71,280 (S$12,798) per square foot, and said it may ask HK$100,000 per square foot for two penthouses on the 88th floor of the project.
Builders completed the fewest apartments since at least 1972 last year. Prices, especially for luxury units, have rallied in 2009 on record-low interest rates and an influx of money from China. The government is Hong Kong’s biggest provider of land and has altered supply to support or depress prices.
‘The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home and the possibility of a property bubble,’ Mr Tsang said in his annual policy address.
Mr Tsang, 65, said his administration will closely monitor ‘market changes’ in coming months, and may direct the Urban Renewal Authority and subway operator MTR Corp, both government-controlled, to bring readily available building sites to market. Continue reading
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