Cheung Kong Pays More for H.K. Land Than Forecast
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Li Ka-shing, Hong Kong’s richest man, signaled his confidence in the real-estate market by paying more than estimated for two sites, four days after the government tightened loan rules to prevent a possible bubble.
Cheung Kong (Holdings) Ltd., controlled by Li, bought a property in the Ho Man Tin district for HK$4.1 billion ($530 million) and a plot in Hung Hom for HK$3.51 billion at a government auction yesterday. Both sites fetched more than the highest forecasts in a Bloomberg survey of seven analysts.