Hong Kong Land Parcel Goes for Cheaper Than Expected to CK Asset
- Another plot failed to sell at government auction last week
- Land comes with requirements that include social housing
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Hong Kong’s government sold a large residential plot at a cheaper price than analysts expected as developers turn cautious amid a worsening economy.
The Kowloon plot, about four times the size of a football field, went to a unit of CK Asset Holdings Ltd. for HK$4.95 billion ($639 million), 10% less than even the lowest of analyst valuations.