Hong Kong land auction fetches $1.3 billion
July 30, 2010 - Hong Kong
Hong Kong on Wednesday auctioned a plot of land for HK$10.4 billion ($1.3 billion) in its third-most expensive land sale, beating forecasts and adding to fears of a bubble in one of the world's hottest property markets.
Hong Kong's privately owned Nan Fung Group won the auction according to Reuters.
The deal was closely watched as prices at the auction are an indicator Chinese investors' appetite as they diversify their portfolios due to policy tightening at home.
Analysts estimate that a fifth of buyers of Hong Kong's luxury apartments come from China.
The auction comes more than a month after the government sold a site in Kowloon for HK$10.9 billion, which was the second most expensive land auctioned by the government.
Read the rest of the story @ Reuters.com
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