17 May 2017 - 23:52

Hong Kong firm pays $3bn in record land sale


Hong Kong:  A Hong Kong tycoon has paid $3bn for a prime commercial lot, a city record according to analysts, as costs in one of the world's most expensive metropolises continue to soar.
The price tag -- which works out at around $1m per square metre – for the rare plot of land in Hong Kong's bustling Central district can partly be explained by fierce competition for premium space, said Jackson Wong, of Huarong International Securities.
"It is pretty crazy," he said of the sum paid for the land, currently occupied by a multi-storey car park.
Wong said it was a commercial land sales record and would be seen as a yardstick for future deals. "However this kind of supply is once in a blue moon," he added.
Property has become a political issue in Hong Kong, where as small businesses are forced to close due to sky-high rents and many residents cannot afford to buy or rent decent homes.