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Everything about Landscope Christie's International Real Estate and the Hong Kong luxury property market


Buying Power

Last month, in the wake of a high auction price achieved for a residential site in Homantin, the luxury sales market responded swiftly with increased transactions as buyers’ confidence returned. Just shortly before, the market had sagged due to uncertainties posed by local government’s clamp down on property speculations and Beijing’s dampening of investment demand on the mainland.

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Polarisation

Despite the market gloom following the government’s two lackluster land auctions (Tung Chung and Fanling) in May, a 173,800 square feet residential site in Homantin, an upscale location in Kowloon, was sold for HK$10.9 billion last month after keen competitions. The price was above even the most bullish prediction. The market was taken aback, awed by such an audacious move by one of Hong Kong’s biggest property developers, Sun Hung Kai Properties.

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Summer Cool

The government auction held on 11 May 2010 of a residential development site in Tung Chung on Lantau Island is the latest indication that Hong Kong’s property market is heading for a cold spell. Defying all predictions, the 282,017 square feet seaside land was sold for HK$3.42 billion or HK$2,378 per square foot of buildable floor space. This is five percent lower than the lowest price predictions, which ranged from HK$3.6 billion to HK$5 billion. The auction almost failed when no more than three bidders participated, and was only saved when the auctioneer coaxed the eventual winner, Nan Fung Group, into raising its bid to meet the reserve price.

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Landscope Realty announces staff promotion

Landscope Realty announces yet another promotion of its outstanding staff, with immediate effect, in Residential Department.

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First-hand luxury property news on-the-go

With over a decade of experience in the property consultancy business, Landscope is a renowned real estate consulting group based in Hong Kong. Keeping up with the pace of life, Landscope is to launch its innovative luxury property mobile website in May, the first-of-its-kind in the entire market.

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