October 28, 2009
HK developers seek cheaper land
(HONG KONG) Hong Kong's biggest developers signalled they want cheaper land as the government seeks to increase supply and curb speculation after home prices surged 28 per cent this year.
'The developers are requesting the government put the prices closer to the market level,' Stewart Leung, an executive director at New World Development Ltd, told reporters in Hong Kong yesterday after a meeting with the city's Financial Secretary John Tsang. 'We also hope that the government will increase the opportunities for selling land via applications. '
Sun Hung Kai Properties Ltd, the world's biggest developer by market value, and rivals including Cheung Kong (Holdings) Ltd fell in Hong Kong trading yesterday after the government tightened downpayment requirements for luxury homes, and suspended mortgage insurance for rental properties.
Executives from some of the city's largest developers, including Thomas Kwok, vice-chairman of Sun Hung Kai; Cheung Kong deputy chairman Victor Li; Robert Ng, chairman of Sino Land; and Hang Lung Properties Ltd chairman Ronnie Chan met Mr Tsang at government headquarters yesterday.
Martin Koh/ Sherry Tang