TUESDAY, NOVEMBER 19, 17.
TWO LOTS SOLD FOR $72.5 MILLION
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TWO LOTS OF GOVERNMENT LAND ONE IN WATERLOO ROAD, KOWLOON, AND THE OTHER IN CHA! WAN ON HONG KONG ISLAND - WERE SOLD FOR A TOTAL OF $72.5 MILLION AT AN AUCTION TODAY (TUESDAY).
THE WATERLOO ROAD LOT, A 1 635-SQUARE-METRE RESIDENTIAL SITE, WAS SOLD FOR $60 MILLION AFTER FAIRLY BRISK BIDDING AT $1 MILLION A BID.
THE BUYER WAS WORLD WIDE EXHIBITION COMPANY WHO WILL HAVE TO DEVELOP NOT LESS THAN 4 400 SQUARE METRES OF GROSS FLOOR AREA ON THE SITE BEFORE JUNE 30, 1989.
GOVERNMENT LAND AGENT, MR C.M. MO, WHO WAS THE AUCTIONEER, DESCRIBED THE PREMIUM OF $36 697 A SQUARE METRE AS QUITE A GOOD PRICE. WE WERE THINKING IT WOULD FETCH IN THE REGION OF $30 MILLION OR $40 MILLION.
+ IT INDICATES THE PROPERTY MARKET IS GOING TO BE STABLE FOR
QUITE SOME TIME.
+I DON'T THINK THE PRICE WAS EXCESSIVE OR THAT THERE WAS ANY SPECULATIVE ELEMENT IN IT. IT INDICATES THAT THE HONG KONG PROPERTY MARKET IS GOING TO BE STABLE FOR QUITE SOME TIME.
+ I WOULD SAY THAT THE PROPRETY MARKET IS STEADILY GOING UP BUT NOT TO THE EXTENT WE HAVE SEEN IN THE PAST.+
THE SECOND LOT, A 1 400-SQUARE-METRE INDUSTRIAL SITE AT KAI YIP STREET, CHAI WAN, WAS BOUGHT FOR $12.5 MILLION BY FAIR EAGLE DEVELOPMENT LIMITED. THIS WAS SLIGHTLY ABOVE THE UPSET PRICE OF $10 MILLION AND WAS REACHED IN BIDS OF $500 000.
NEW GROUP TO FIGHT PROTECTIONISM
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A JOINT SUB-COMMITTEE OF THE TRADE AND TEXTILES ADVISORY BOARDS IS TO BE FORMED TO REVIEW HONG KONG'S EFFORTS AGAINST PROTECTIONISM, MR HAMISH MACLEOD, DIRECTOR OF TRADE, SAID TODAY (TUESDAY).
MR MACLEOD SAID THAT THE NEW BODY WOULD BE CALLED THE SUE- COMMITTEE AGAINST PROTECTIONISM AND ITS CORE MEMBERSHIP WOULD COMPRISE NOT MORE THAN SIX MEMBERS OF EACH BOARD, INCLUDING MEMBERS CONNECTED WITH MAJOR ASSOCIATIONS SUCH AS THE TRADE DEVELOPMENT COUNCIL, THE HONG KONG GENERAL CHAMBER OF COMMERCE, THE CHINESE MANUFACTURERS' ASSOCIATION, THE FEDERATION OF HONG KONG INDUSTRIES AND LEADING TEXTILE GROUPS.
THE SUB-COMMITTEE