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Sep

04

Hong Kong Residents-Only Housing Project Sells Out

By Tony Seruga

Foreign buyers prohibited to help take pressure off prices
More than 1,000 new units offered for sale over the weekend

A China Overseas Land & Investment Ltd. project restricted to Hong Kong residents sold out all 300 apartments on the first day, the company said, while two other developers launched new projects as prices rebounded from earlier this year.

China Overseas’ One Kai Tak project, located near the site of the former Hong Kong airport in Kowloon, was bought in a government land tender in 2013 for HK$4.5 billion ($580 million), under an initiative known as “Hong Kong Property for Hong Kong People,” designed to prevent overseas buyers from bidding up prices…

Hong Kong Residents-Only Housing Project Sells Out

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