HK developers retain appetite for land banks
Interest shown in site near Yuen Long MTR station seems to defy latest cooling measures
Sixteen developers yesterday expressed interest in a residential site on the north side of Yuen Long's Long Ping MTR Station, suggesting that cooling measures were not affecting their appetite for land.
Cheung Kong (Holdings), China Overseas Holdings, Hang Lung Properties, Henderson Land, Kerry Properties, Nan Fung Development, New World Development, Paliburg Holdings, Sun Hung Kai Properties, Sino Land, The Wharf (Holdings) and Wing Tai Properties were among those submitting expressions of interest in the project.
"It shows developers have not turned pessimistic on the market outlook after the government released new measures for the property market last week," said Vincent Cheung Kiu-cho, national director of Greater China at Cushman & Wakefield.
"The measures showed the government will increase land supply in the mid and long terms. Unless there are unfavourable terms in the land lease, developers would remain active in land acquisitions.
"Developers are now looking to maintain a strong sales volume rather than achieving a higher selling price."
Chan Cheung-kit, a director at Lanbase Surveyors, believed developers would be conservative in bidding as the land supply was increasing.