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Discount on Hong Kong Land Points to Worsening Housing Market

  • Kai Tak plot sold at 13 percent less than a deal last month
  • Land sale value in 2018 has tumbled from previous year
Skeptics Renew Calls That Correction Imminent For Hong Kong Property Market
Photographer: Paul Yeung/Bloomberg

One of Hong Kong’s biggest sales of residential land this year added to the picture of a worsening home market.

China Overseas Land & Investment Ltd. won the site in Kai Tak on Thursday with a bid of HK$13,523 ($1,726) per square foot of floor area. That’s 13 percent less than Goldin Group paid last month for a nearby parcel.