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















