Business Digest, December 22, 2012

A 3,465 square foot unit at The Arch in Kowloon Station was sold for HK$218 million, translating into an average price of HK$62,915 per square foot, making it one of the most expensive units sold in Hong Kong in terms of price per square foot. The deal follows market rumours that one of the units was to be sold for about HK$220 million. Peggy Sito

Shanghai-based developer Glorious Property Holdings, whose former chairman Zhang Zhirong resigned last month after being accused by the US Securities and Exchange Commission of insider trading in CNOOC shares before the oil producer unveiled a takeover bid for Canadian oil firm Nexen, warned its net profit for this year is expected to drop significantly. Eric Ng