Property News · May 21, 2020

Developers use forced auctions to snap up Hong Kong’s older buildings for redevelopment amid city’s land shortage


Some of Hong Kong’s ageing residential buildings are being snapped up for redevelopment through compulsory purchase orders amid a shortage of land in the city.Billionaire Edwin Leong’s Tai Hung Fai Enterprise bought a 61-year old building in Sai Ying Pun while Hip Shing Hong acquired another old building in Shau Kei Wan on Wednesday.Both buildings were worth HK$700 million (US$90.32 million) and were bought under the Land (Compulsory Sale for Redevelopment) Ordinance. The law enables developers…

Source : South China Morning Post
Read more…Developers use forced auctions to snap up Hong Kong’s older buildings for redevelopment amid city’s land shortage