A distressed sale last week at Hong Kong’s former Kai Tak airport site has clouded the outlook of the city’s property market, as an expected glut of residential land weighs on prices.Five plots of land at Kai Tak, valued together at up to HK$71.3 billion (US$9.15 billion), may fail to live up to expectations when they go on sale, analysts said. The parcels – yet to be converted from commercial land into residential usage – can yield about 5,800 average-size flats, according to the rezoning…

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