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Hong Kong’s property developers responded strongly to a tender invitation for a plot of land in Kai Tak, after some analysts had expected it to be withdrawn because of the constraints.
The wait could take longer, according to analysts, as high borrowing costs and economic uncertainty continue to weigh on investors’ appetite for luxury flats in the city.
Wing Tai Properties and China Vanke won a tender for a residential site in Hong Kong’s Sha Tin district with a bid of HK$786.4 million.
A government tender for a residential site in Hong Kong's Wan Chai district drew 21 bids on Friday and is expected to be worth $382 million.