Hong Kong Developers Signal Slowing Price Gains in Land Bids
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Hong Kong’s developers yesterday signaled gains in home prices may slow further amid rising interest rates in China and the city, when they held back bids that exceeded surveyors’ estimates at a land auction.
Cheung Kong (Holdings) Ltd., controlled by billionaire Li Ka-shing, paid HK$11.65 billion ($1.5 billion), 10 percent less than the HK$13 billion median of five estimates in a Bloomberg News survey, for the site on Borrett Road, about a 10-minute drive from the Central business district. The price was equivalent to HK$26,763 per square foot, said Centaline Property Agency Ltd., the city’s biggest closely held realtor.