Subscribe to our free daily newsletters
. Earth Science News .




Subscribe to our free daily newsletters



TRADE WARS
Hong Kong firm pays $3bn in record land sale
by Staff Writers
Hong Kong (AFP) May 17, 2017


A Hong Kong tycoon has paid US$3 billion for a prime commercial lot, a city record according to analysts, as costs in one of the world's most expensive metropolises continue to soar.

The price tag -- which works out at around $1 million per square metre -- for the rare plot of land in Hong Kong's bustling Central district can partly be explained by fierce competition for premium space, said Jackson Wong, of Huarong International Securities.

"It is pretty crazy," he said of the sum paid for the land, currently occupied by a multi-storey car park.

Wong said it was a commercial land sales record and would be seen as a yardstick for future deals.

"However this kind of supply is once in a blue moon," he added.

Property has become a political issue in Hong Kong, where as small businesses are forced to close due to sky-high rents and many residents cannot afford to buy or rent decent homes.

Commercial and residential property prices have been fuelled by an influx of money from wealthy mainland Chinese investors and developers.

Critics also accuse the government of having close ties with developers.

The 2,880 square-metres (31,000 square-feet) plot in Central was sold off by the government to Henderson Land, owned by the city's second richest man, Lee Shau-kee, late Tuesday.

It was the first premium commercial lot to come up in Central since 1996 -- the year before Hong Kong was handed back to China by Britain.

The eight other bidders included the city's richest man Li Ka-shing and one mainland Chinese firm, according to a government statement.

Henderson Land said it would develop the site into an office building with retail facilities, expected to be completed around 2022.

"The company is optimistic of the long term prospect of this investment," it said of the HK$23.28 billion purchase in a filing to the Hong Kong stock exchange.

Property group CBRE said the sale was the first for a commercial site in Central in the past two decades.

The group also said in March the district was home to the world's highest priced office market, with rentals of US$264.27 per square feet per annum, ahead of Beijing's Finance Street, London's West End and Midtown Manhattan in New York.

at/lm/klm

CBRE GROUP

TRADE WARS
China factory output slows in April as credit tightens
Beijing (AFP) May 15, 2017
China's factories and workshops saw their output slow sharply in April, data showed Monday, as the world's second-largest economy grapples with tighter credit and weaker demand. The data comes as China hosts an international summit showcasing its Silk Road plan, an ambitious infrastructure project it hopes will revive ancient trading routes and breathe life into its sputtering economy. ... read more

Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
New fiber-based sensor could quickly detect structural problems in bridges and dams

Marine Le Pen: far-right firebrand who has shaken up French politics

20 sentenced to prison for deadly 2015 China landslide

Affluent countries contribute less to wildlife conservation than the rest of the world

TRADE WARS
'Hot' electrons don't mind the gap

Hydrogen bonds directly detected for the first time

A bath for precision printing of 3-D silicone structures

Physical keyboards make virtual reality typing easier

TRADE WARS
As summer heat looms, post-IS Mosul faces water crisis

New method can selectively remove micropollutants from water

Puerto Rico drinking water is worst in US: report

Robots may bring reef relief

TRADE WARS
Oversized landforms discovered beneath the Antarctic ice sheet

Tillerson hosts Arctic forum in shadow of Russia spat

Irreversible ocean warming threatens the Filchner-Ronne Ice Shelf

Alaska Tundra Source of Early-Winter Carbon Emissions

TRADE WARS
Tillage farming damaging earthworm populations

Syngenta shareholders accept ChemChina offer

Conservation agriculture offers tired soil remedies

Can edible insects help curb global warming?

TRADE WARS
NASA spots Eastern Pacific season's earliest first tropical storm in satellite era

Eastern Canada is drying out after the worst flooding in a half-century

Earthquake kills eight in western China: report

Guatemala volcano eruption subsides after hasty evacuations

TRADE WARS
Wounded author Kuki Gallmann vows return to Kenyan ranch

Gunfire as I.Coast troops resume protest despite 'apology'

Ivory Coast's rebel soldiers apologise to president

Army to protect Tunisia economy from protests: president

TRADE WARS
South African cave yields yet more fossils of a newfound relative

Homo naledi's surprisingly young age opens up more questions on where we come from

Modern DNA reveals ancient origins of Indian population

Population growth, spread responsible for human advancement




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement