{"id":43473,"date":"2017-02-09T10:37:51","date_gmt":"2017-02-09T03:37:51","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/are-government-tenders-to-blame-for-hong-kongs-hot-land-values\/"},"modified":"2017-02-09T10:42:22","modified_gmt":"2017-02-09T03:42:22","slug":"are-government-tenders-to-blame-for-hong-kongs-hot-land-values","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/are-government-tenders-to-blame-for-hong-kongs-hot-land-values\/","title":{"rendered":"Are government tenders to blame for Hong Kong\u2019s hot land values?"},"content":{"rendered":"


\nBest to return to auctions, experts clamour
\nHong Kong residential land has leapt in value due to aggressive tenders, experts claim. seaonweb\/Shutterstock
\nSurveyors in Hong Kong are calling for a return to auction as an alternative method to the more opaque process of tendering in the procurement of government lands, the South China Morning Post reported.
\n\u201cThe tender system has accelerated the upward movement of prices, which has led to an unhealthy development of Hong Kong\u2019s property market,\u201d Victor Lai Kin-fai, chief executive of property consultancy Centaline Professionals, explained to the Post.
\n\u201cIn a tender, there is no transparency at all and one or several bidders can be very aggressive and reckless in their offers.\u201d
\nLai\u2019s comments come amid months of increasingly extravagant tenders for residential land parcels in the Chinese SAR. In December, property development giant HNA acquired via tender a Kai Tak plot at HKD13,600 (USD1,753) per square foot. The acquisition broke its own record purchase of a site in the same district for HKD13,500 per sq ft in November.
\nMore: This has been the world\u2019s least affordable city for seven years in a row
\nHNA\u2019s purchases pushed values of residential land in the district between those months by 27 percent, the Post reported.
\nWith auctions, transparency is all but assured, with bidders knowing exactly \u201cwho participates in the bidding and what they offer,\u201d Lai explained. \u201cAuction is the best way to ensure sites are sold at fair market levels with bidders exchanging bids openly.\u201d
\nLai said Hong Kong should follow the tack of the Singaporean government, which announces the top three offers at the onset of a tender.
\nThomas Lam, senior director of Knight Frank, told the Post that highly coveted parcels in cities like Hong Kong should be transacted via bidding. \u201cThere shouldn\u2019t be just one single method. In mainland China, land is sold by both auction and tender.\u201d
\nRead next: 4 of the world\u2019s fastest-changing cities are in Asia
\n
\nSource : property-report.com
\nRead more…Are government tenders to blame for Hong Kong\u2019s hot land values?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Best to return to auctions, experts clamour Hong Kong residential land has leapt in value...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-43473","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bjb","jetpack-related-posts":[{"id":115792,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bids-for-hong-kongs-land-tenders-may-come-in-with-20-per-cent-discounts-foretelling-more-woes-for-citys-real-estate-industry\/","url_meta":{"origin":43473,"position":0},"title":"Bids for Hong Kong\u2019s land tenders may come in with 20 per cent discounts, foretelling more woes for city\u2019s real estate industry","date":"April 22, 2020","format":false,"excerpt":"\r Three plots of land the Hong Kong government is going to sell through tender could attract bids that are up to 20 per cent below mid-2019 levels, which in turn could determine transaction volume and prices in the world\u2019s most expensive property market, industry consultants said.A residential plot in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55939,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mainland-developers-shy-away-from-hong-kong-land-tenders\/","url_meta":{"origin":43473,"position":1},"title":"Mainland developers shy away from Hong Kong land tenders","date":"May 25, 2017","format":false,"excerpt":"\r Chinese companies continue to shy away from Hong Kong\u2019s land market with just one mainland backed company known to have submitted a bid for a residential site in Yuen Long. MTR Corp said eight developers had submitted bids for the parcel of land at Kam Sheung Road Station on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":172124,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/caution-on-land-tenders-key-to-hong-kongs-property-recovery-analysts\/","url_meta":{"origin":43473,"position":2},"title":"Caution on land tenders key to Hong Kong\u2019s property recovery: analysts","date":"July 4, 2026","format":false,"excerpt":"\r As Hong Kong moves forward with its huge new Northern Metropolis development zone, analysts argue the government should take a cautious approach to land sales to help sustain the recent recovery in the residential property market. The large-scale project near the border with the Chinese mainland continues to progress,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120754,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kongs-second-quarter-residential-land-tenders-set-to-fuel-bidding-war-amid-supply-squeeze\/","url_meta":{"origin":43473,"position":3},"title":"Hong Kong\u2019s second-quarter residential land tenders set to fuel bidding war amid supply squeeze","date":"July 6, 2021","format":false,"excerpt":"\r Hong Kong\u2019s failure to provide sufficient land for private housing is expected to keep competition alive among small and medium-sized developers in this quarter\u2019s land-sale programme, just as the city\u2019s property market is turning rosy again.The government will offer two parcels of land for public tender in the July-to-September\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104445,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mainland-chinese-developers-take-redevelopment-route-to-shore-up-hong-kong-land-bank-as-they-fail-to-win-government-tenders\/","url_meta":{"origin":43473,"position":4},"title":"Mainland Chinese developers take redevelopment route to shore up Hong Kong land bank as they fail to win government tenders","date":"February 27, 2019","format":false,"excerpt":"\r Mainland Chinese builders appear to be shifting their Hong Kong land bank strategy by acquiring old buildings for redevelopment, as fierce competition and Beijing\u2019s capital outflow restrictions make it difficult to secure plots in government tenders.Last year, they submitted 39 compulsory en-bloc sale applications to Hong Kong\u2019s Lands Tribunal,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":172264,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/7-hong-kong-developers-bid-for-waterfront-project-as-kowloon-renewal-gathers-pace\/","url_meta":{"origin":43473,"position":5},"title":"7 Hong Kong developers bid for waterfront project as Kowloon renewal gathers pace","date":"July 27, 2026","format":false,"excerpt":"\r Hong Kong\u2019s Urban Renewal Authority (URA) received seven tender submissions for a major waterfront residential redevelopment project in Hung Hom, drawing bids from some of the city\u2019s largest developers despite a subdued land market. The authority said on Monday that seven developers submitted tenders for the project before the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43473"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=43473"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43473\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=43473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=43473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=43473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}