Property News · June 19, 2019

Land tender: Hong Kong government must introduce guarantors, higher deposits to prevent another Kai Tak fiasco


The aborted sale of a HK$11.1 billion (US$1.4 billion) plot of prime land has exposed a serious flaw in the tender process that may cause the Hong Kong government to suffer a huge loss if it is unable to sell the site for the same price in a depressed market, according to market observers.Property experts suggest the government should increase the deposit amount steeply from the current HK$25 million to prevent a repeat of such an incident in the future and introduce a guarantor to complete the…

Source : South China Morning Post
Read more…Land tender: Hong Kong government must introduce guarantors, higher deposits to prevent another Kai Tak fiasco