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Brand Hong Kong. Video. Dec 3. 0, 2. 00. 9 Hong Kong*. The froth is coming off Hong Kong's property market, with bidding at the biggest. Two residential sites on the Tai Po waterfront were sold yesterday.
Average residential property prices in Hong Kong. Centa- City. Index, raising fears of a property bubble.
Sino Land acquired both sites in the. HK$5. 1. 5 billion and the other for HK$5. The second. site was bought jointly with K Wah International, which owns a 1. The total land price of HK$1.
Christmas present for Sino Land, being 1. HK$1. 2. 4 billion.
It was the second- biggest government land. The Hang Seng Index fell 3.
Sino Land already has a strong presence in. Tai Po area. A consortium led by Sino Land snapped up three other sites in. K Wah International, Nan Fung Development and USI Holdings in.
The auction was the last in which sites will be exempt from new. However, that was not enough to attract developers.
Nicholas Brooke. chairman of Professional Property Services, said bidding was affected by the. The opening bid for the first site, Tai Po Town Lot 2. HK$3. 6. 4 billion by New World Development. The auction got off to a slow. The plot eventually attracted seven bidders. Cheung Kong (Holdings) (SEHK: 0. HK$4. 5. 5 billion but withdrew after the price exceeded HK$4.
Nan Fung Development also withdrew after a bid of HK$5 billion. Sino. Land won the site with the 3. Bidding for the second site, Tai Po Town.
Lot 2. 01, was slightly more aggressive. It attracted 1. 0 bidders, with the. Sino Land acquiring the plot after the 3.
The average. land price of the sites is HK$7,2. Sino Land in 2. 00. After the auction, Sino Land chairman Robert Ng Chee Siong said the company.
Brooke described. We. saw cautious bidding by the developers, which shows they have stepped back," he. Developers] can't just keep bidding for sites and assume prices will. They believe prices will be pretty. The land prices are realistic.
Market expectations will be more. Charles Chan Chui- kwok, managing director at Savills. Valuation and Professional Services, was disappointed with the result. Developers were cautious and this shows they believe that property prices are. The two sites, next to the Science Park in Tai Po. Sino Land wins tactical battle to.
Tai Po sites - Developer's well- planned bidding secures 2 plots. HK$1. 0. 4b. To the uninitiated, it may look like a group of grown men and.
Yesterday, that battle was won by Sino Land. Robert Ng Chee Siong when his company bought two sites in Tai Po for. HK$1. 0. 4 billion, the low end of the market's consensus forecast.
The first. residential site under the hammer was a 2. HK$5. 1. 5. billion. Sino Land's 8. 5 per cent joint venture also picked up an adjacent. HK$5. 2. 5 billion.
The remaining 1. 5 per cent. K Wah International Holdings.
After the auction, Ng was. However, UOB Kay Hian property analyst.
Sylvia Wong has another explanation for the lack of aggressive bidding. Wong. said Sino Land - along with its consortium comprising K Wah, Nan Fung. Development and USI - bought three nearby sites in 2. While the government. One of Hong Kong's gold medal winners at the 2. Doha Asian Games was yesterday. Chan Yun- to, 4. 3, is accused of conspiring.
US$1. 0,0. 00 (HK$7. Asian. Bodybuilding and Fitness Federation, Paul Chua.
In return, the official "was. Chan," enabling him to participate, the. Independent Commission Against Corruption said.
Chan won the men's 7. Games. The ICAC yesterday also laid three additional charges. Hong Kong China Bodybuilding and Fitness Association chairman Simon Chan. Siu- man, 3. 9. In August, he was charged with one count of conspiracy for an agent. Doha incident. Two of the additional charges involve conspiracy for an agent to accept an.
One of the bribery charges. January and December 2. Simon Chan and Chan Yun- to.
Chua and an association coach for Chua to accept. US$1. 0,0. 00 from Chan Yun- to. Another bribery charge alleges Simon Chan of having.
Chua, the association coach, and an unnamed bodybuilder. January 2. 00. 6 and May 2. Chua to accept between HK$1. HK$2. 00,0. 00 from the athlete for the same reason.
ICAC inquiries revealed that. Chan Yun- to and the unnamed athlete were banned from any bodybuilding. October 2. 00. 5 after competing in an event held in South Korea. The. remaining conspiracy charge alleges that between April 2.
May 2. 00. 9, Simon. Chan conspired together with the unnamed athlete to defraud the Hong Kong Sports. Institute by falsely representing that the athlete was a full- time athlete and. Owing to the alleged. HK$6. 00,0. 00 for the athlete. The defendants have been released on bail by the.
Eastern Magistrates' Court on. Exports surpassed HK$2. November as shipments of Christmas goods.
October's 1. 3. 1 per cent decline. Hong Kong's exports last.
The latest figures released by the Census and Statistics Department. HK$2. 40. 7 billion, rising 1. November last year.
This is a strong rebound from the 1. October and the first year- on- year rise since October.
November is the peak period for exporting Christmas goods,". Federation of Hong Kong Industries deputy chairman Stanley Lau Chin- ho said. Even though exports only rose slightly, the figures at least show the situation. He said electronics, toys, apparel.
The value of re- exports. HK$2. 28. 5 billion, the data. HK$5. 5 billion. Exports to Asia grew 8 per cent. Strong increases were posted for exports to. Vietnam, which surged 3.
Taiwan, up 1. 8. 3 per cent. The data also. shows the export of electrical machinery, equipment and appliances remained the. HK$6. 4. 3 million, up 8. Imports increased.
HK$2. 54. 8 billion. Lau expects positive year- on- year growth this. It doesn't mean export figures will then. The export market has not yet fully recovered and it's still. Compared with October, total exports dropped 2.
For the first 1. 1. A trade deficit of almost HK$1.
A government spokesman said Asian markets continued to fare better. United States and Europe, adding the slow recovery in the global. Hong Kong in the. However, global economic prospects were still subject to "considerable. Hong Kong will move a step closer to. Beijing to allow mainland people and firms to use the currency for foreign. This was among suggestions raised by Premier Wen.
Jiabao during a meeting with Chief Executive Donald Tsang Yam- kuen in Beijing. If it goes ahead, it would help consolidate the city's status as an. Quoting Wen, Tsang said the mainland would also explore the viability of.
Hong Kong, and would continue to. Co- operation between the securities markets in Hong Kong and Shanghai will also. A proposal would be put forward for the introduction of Hong Kong.
Exchange- traded funds (ETF) and China depositary receipts (CDRs) in Shanghai. ETFs are an investment product backed by a portfolio. Their units trade on the stock exchange like.
CDRs, which are similar to American depository receipts, now list. Shanghai or Shenzhen stock exchanges. The proposal would allow overseas. Hong Kong - to raise. A senior government. Hong Kong. "This means. Hong Kong. dollars or other currency.
There will be more yuan available in Hong Kong and. Hong Kong to be a yuan offshore centre," the official said. Another senior official said: "The central government has indicated that. Hong Kong will be tested in. Hong Kong." The city has been allowed to have cross- border business settled in. July and the transactions amounted to about 4.
HK$5. 56. million) by the end of last month. There are also 5. Hong Kong. The People's Bank of China said last week in a statement, issued. It would also increase the number of companies allowed to settle.
Peter Wong Tung- shun, an executive director at HSBC. SEHK: 0. 00. 5, announcements, news) Asia Pacific, said Hong Kong would benefit if. He. said the move could also facilitate the development of other yuan products, such. Billy. Mak Sui- choi, an associate professor at Baptist University, said it would be. Hong Kong if the mainland allowed more use of yuan in the city.
It will facilitate Hong Kong's development as a yuan offshore centre," Mak. Workers at Two IFC prepare for. New Year's Eve fireworks show, which will see HK$3 million worth of.
Hong Kong Island, in a display designed. Organized by the Tourism Board, the 4- 1/2 minute. Hong Kong is welcoming the New Year with. The Hong Kong. Tourism Board said yesterday 9,0. That is 3,0. 00 more than the show to. HK$3 million cost. The highlight of the show.
Two IFC. and whose body will stretch across nine other skyscrapers and end at the Sun. Hung Kai Centre in Wan Chai. Pyrotechnic firing points are being set up on top.
Two IFC, HSBC headquarters and Central Plaza. Pyro Magic. Production chief executive Wilson Mao Wai- shing said the northern facade of Two. IFC will be used for the first time and firing points will be increased from 3. He said the display will give the audience a more vivid experience since. Victoria Harbor. Twenty sets of powerful searchlights on two.
Two IFC will enhance the effect.