![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
. | ![]() |
. |
![]() 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
![]() 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
![]()
![]() |
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - 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. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |