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Value of large-scale transactions up 20pc

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Large-scale luxury residential and office transactions rose by almost 20 per cent in value in the first half of the year, compared with the same period last year, according to a survey by Jones Lang LaSalle.

The transaction value of deals worth more than HK$50 million each amounted to HK$7.12 billion in the six-month period, compared with HK$6 billion a year ago.

The property consultant said the rise in transaction value was due to some very large-scale deals being concluded during the period - specifically the HK$3.7 billion purchase of office floors at Two International Finance Centre in Central by the Hong Kong Monetary Authority and the HK$1.58 billion Royal Cliff deal in Repulse Bay by Lend Lease.

Large luxury residential property deals rose in value by 53 per cent to HK$2.34 billion, mainly due to the Royal Cliff transaction.

Luxury deals for the first half of last year were relatively smaller in size.

Large-scale office transactions amounted to HK$4.78 billion in the first half of this year, 7 per cent more than a year ago.

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