Developers Want Cheaper Land as Hong Kong's Home Prices Shoot Up

Hong Kong's biggest developers are seeking cheaper land as the government aims to raise supply and curb speculation after home prices surged 28% this year, says Bloomberg.

 

According to Bloomberg, the government in January 2004 introduced a system of selling land through auctions only after developers promise to pay a minimum amount, part of an undisclosed reserve price.

 

“The developers are requesting the government put the prices closer to the market level,” Stewart Leung, an executive director at New World Development Ltd., told reporters at a briefing Bloomberg attended. “We also hope that the government will increase the opportunities for selling land via applications.”

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