Property News · April 30, 2019

Old is gold as Chinese firms target Hong Kong buildings older than 50 years for redevelopment in bid to cut costs, boost margins


The number of compulsory auctions in Hong Kong has risen since last year, as land acquired through this route is cheaper than plots bought through government tender.“The main reason is that the land offered [for tender] by the government has a high value at several billion. A project can often cost about HK$10 billion, taking construction costs into account,” said Charles Chan, managing director of valuation and professional services at Savills. “In contrast, the development cost of projects …

Source : South China Morning Post
Read more…Old is gold as Chinese firms target Hong Kong buildings older than 50 years for redevelopment in bid to cut costs, boost margins

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