Hong Kong sells third housing plot on disused airport runway at 12.7 per cent discount, in another sign of property market woes
Centaline Property Agency | December 26, 2018
Hong Kong’s government, which relies on land sales for a substantial part of its revenue, has sold its final residential plot for the year at a 12.7 percent discount to market valuation, in a further sign of the city’s cooling property market. Kai Tak Area 4B Site 2, the third plot for sale on the former airport’s disused runway, sold for HK$8.03 billion (US$1.03 billion) to a unit of China Overseas Land & Investment, according to an announcement by the Lands Department. Six bids were submitted for the tender, which closed last Friday.