Rare central plot of land in Hong Kong sold for record $3 bln

Record ID: 876293

  • Title: Rare central plot of land in Hong Kong sold for record $3 bln
  • Date: 17th May 2017
  • Summary: HONG KONG, CHINA (MAY 17, 2017) (REUTERS) VARIOUS OF PLOT OF LAND WITH CARPARK BUILDING ON IT WHICH HAS SOLD FOR $3 BILLION PEOPLE WALKING ON WALKWAY VARIOUS OF HONG KONG CBRE LIMITED MANAGING DIRECTOR, TOM GAFFNEY, SPEAKING GAFFNEY'S HANDS (SOUNDBITE) (English) HONG KONG CBRE LTD MANAGING DIRECTOR, TOM GAFFNEY, SAYING: "I think it's a great thing for the central market. We have extremely low vacancy of around about 1.4 percent vacancy in the current market, a huge amount of demand from mainland firms coming into Hong Kong, setting up their offices here in Central, and as a result it will alleviate a lot of the pressure we're seeing built up in core central to allow tenants to expand into other locations." VARIOUS OF CARPARK (SOUNDBITE) (Cantonese) HONG KONG RESIDENT, ELLA WONG, SAYING: "Not many people park their cars there. So I'm hoping that the developer will be able to turn it into something that can help the economy." CARPARK (SOUNDBITE) (Cantonese) BANKER, JACKIE LAI, SAYING: "Hong Kong is a business centre, so you see a lot of head offices in Asia based here, so if they open offices like the IFC (International Financial Centre), I think there's definitely a need."
  • Embargoed: 31st May 2017 10:32
  • Keywords: Henderson Land Development carpark real estate property rates Hong Kong
  • Location: HONG KONG, CHINA
  • City: HONG KONG, CHINA
  • Country: Hong Kong
  • Topics: Human Interest / Brights / Odd News,Society/Social Issues
  • Reuters ID: LVA0016H87MA5
  • Aspect Ratio: 16:9
  • Story Text: A prized commercial property site in Hong Kong, currently being used as a public car park, was sold to Henderson Land Development for a record HK$23.3 billion ($3 billion) on Tuesday (May 16).
    It outbid eight other developers including local giants Cheung Kong Property Holdings and Sun Hung Kai Properties to take ownership of the site in the Central area, where office vacancy rates are less than 2 percent.
    The price beat market estimates for between HK$14 billion ($1.8 billion) and HK$22.3 billion ($2.9 billion). The lump sum translates into just over HK$50,000 ($6,400) per square foot - a record price paid for land per square foot in crowded Hong Kong, one of the most expensive real estate markets in the world.
    Henderson Land, one of the city's four major property developers, was founded by Hong Kong's second richest man Lee Shake.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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