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Written by JOYCE LI
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HONG KONG—A prime residential site in the heart of Hong Kong's Kowloon peninsula fetched a higher-than-expected US$1.4 billion at a government auction Tuesday, showing bullish sentiment remains in some corners despite the Chinese territory's cooling efforts.
The sale to blue-chip developer Sun Hung Kai Properties Ltd. for HK$10.9 billion comes amid a months-long campaign by the government to address bubble fears. Tuesday's auction—the third so far for the fiscal year that ends in March—was viewed as a barometer of developers' outlook, after tepid responses to the two previous sales.
The Tuesday auction was for a well-situated plot of land with expansive views and easy access to a railway line linking Hong Kong, a special administrative region of China, with the mainland. Its final sale price was 60% higher than the opening bid of HK$6.8 billion and exceeded the HK$6.65 billion to HK$10.59 billion range forecast by eight surveyors and analysts surveyed.
Based on a maximum gross floor area of 869,247 square feet, the HK$12,539-per-square-foot accommodation value set a record for the Kowloon peninsula, surveyors said. A Sun Hung Kai Properties spokeswoman said the firm would develop the site on its own and plans to invest a total of HK$18 billion in the project, including the land cost. Sun Hung Kai Properties is one of the city's best-known developers of luxury condominiums as well as Hong Kong's three tallest skyscrapers and a number of high-end shopping malls.
David Ng, an analyst at the Royal Bank of Scotland, said Sun Hung Kai Properties' good reputation among prospective home buyers would allow the company to charge a strong premium.
The auction started slowly but eventually drew a total of 77 bids from eight developers, including New World Development Ltd., Kerry Properties Ltd. and billionaire Li Ka-shing's Cheung Kong (Holdings) Ltd.
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Written by Julie Thompson
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If you are thinking about making a purchase at a foreclosure sale then there are many things that you need to know about the process. It is important to know these things so the process runs smoothly for all parties.
A foreclosure sale usually occurs on the front steps of the local county courthouse where the home presides. The banks will initiate the foreclosure and the courts will set a date of the sale. Homeowners have a few months notice before the sale of the property takes place. This gives them ample time to save their home from foreclosing if they want to keep it. If not then the home auction will take place on the set date.
A foreclosure sale usually has several properties that are being auctioned. If you want to purchase a property at an auction then you should have done your research first about the home. The auctioneer is not going to notify you about problems or repairs on the home. Placing a bid on a home you haven’t seen yet is very risky and could result in a loss of investment. You can find out about local foreclosures in the local newspaper classified public notice section. This will give you the address and you can call and find out more information this way.
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Written by John Cutts
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A disproportional number of foreclosed property units in the Buffalo area came from subprime mortgage loans, according to a three-year study conducted by the Western New York Law Center.
The foreclosed property study analyzed more than 5,000 mortgages of homes that were added to foreclosure inventories from 2007 to 2008.
The researchers found out those most foreclosed property units are located in the East Side of Buffalo and its surrounding areas and that most foreclosures were caused by subprime lending and predatory lending.
Lead researcher Kathleen Lynch said that the major objective of the foreclosed property study is to determine the real number and factors of foreclosures in the area and to inform local officials about the findings. The results of the study would help officials craft measures to prevent future mortgage and housing problems.
According to the study, 1 in 3 subprime borrowers in high-cost communities lost their homes to foreclosure from 2007 to 2008 and many foreclosed property units came from mortgages provided in the past three years.
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