Hong Kong auctions residential site as government curbs speculation

HONG KONG: Hong Kong received an opening bid of HK$1.05 billion (RM448 million) on Monday, May 24, in an auction for a residential site, the second such sale since the government took steps to curb property speculation.

Hong Kong property prices have soared by about a third since January last year, fuelled by low mortgage interest rates, an influx of foreign capital into Hong Kong's real estate market and tight housing supply.

Two weeks ago, the auction of another site fetched a price that fell short of forecasts, a sign of weaker demand in the territory's previously hot property market.

Analysts predicted a sale price for Monday's auction of HK$1.37 billion. -- Reuters
Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.