Auction Theory

'King of all land sales' gets sour reaction from official press

One can only wonder what Premier Wen Jiabao thought of the news that a premium site for housing in Beijing sold for a record price last week - just three days after he reaffirmed his commitment to policies aimed at cooling the property market.

Sunday, 15 July, 2012, 12:00am

Writer's family seeks halt to manuscript sale

The family of writer Zhou Zuoren, who died in 1967, has demanded the cancellation of a weekend auction of a manuscript they say was looted from their home by Red Guards in the Cultural Revolution.

11 May 2012 - 12:00am

Art lovers open their hearts, and wallets, for charity project

More than 50 art collectors and well-wishers spilled onto the street in front of the ilivetomorrow Gallery in Sheung Wan. They all shared the same goal - to help Japanese children affected by last year's earthquake and tsunami, and perhaps snap up an original work of art while they were at it.

4 Apr 2012 - 12:00am

Best-case scenarios

Words of wisdom at auction:

David Wainwright, Zachys Asia, managing director

'Never be in a hurry to buy - you'll pay too much. And never be in a hurry to sell or you won't get the price you want.'

16 Feb 2012 - 12:00am

Focus on more land supply

In contrast to last year, John Tsang Chun-wah's swansong budget contained no big financial measures to cool the property market. It instead focused on increasing land supply to keep prices under control.

2 Feb 2012 - 12:00am

Can online auction by 20 developers trigger a change of habit?

Buying homes online is not common practice on the mainland. But will a forthcoming attention-grabbing online auction organised by a group of 20 developers change buying habits in the property market there?

On Sunday the group, including major players China Vanke, Soho China, and Huayuan Real Estate, will offer 95 properties for sale through an online auction.

14 Dec 2011 - 12:00am

Classics rev up a fortune

The classic car market is still buoyant and many people are looking at collectibles as an investment that is also fun, according to Chris Routledge, managing director of specialist car auctioneers Coys.

9 Dec 2011 - 12:00am

Elite Chinese and Western art fetches record prices

Chinese imperial and Western classical art items fetched record prices yesterday at art auctions in Hong Kong as buyers focused on top-quality pieces despite the grim economic outlook.

However, highly priced items - including a Jeff Koons sculpture with a HK$75 million upper estimate - and mid-range works by up-and-coming artists did not fare as well.

29 Nov 2011 - 12:00am

Mainland cities offer fresh lures to developers

Municipal governments on the mainland are moving to ease the financial burden on companies wishing to bid for development sites, and shore up their own revenues against declining land sales.

9 Nov 2011 - 12:00am

Going once

As the president of Christie's Asia and one of the world's foremost auctioneers, Francois Curiel is well aware of the importance of timing. 'An auctioneer has to be fair to the buyer and the seller. This can be difficult, as a seller will want you to keep your hammer in the air as long as possible, while a buyer wants you to bring the gavel down straight after his bid.

9 Nov 2011 - 12:00am

Sotheby's extends pre-sale deposits

Sotheby's will continue to seek pre-sale deposits from potential buyers of not just premium lots but also all other categories to protect the auction house from buyers with bad credit records in the coming Hong Kong autumn auction.

8 Sep 2011 - 12:00am

UPHILL battle

The government's plans to vastly increase land supply was dealt a body blow in an auction for a luxury site in Sha Tin on August 9, when there was only one bidder and the plot was sold at a price far below market expectations.

19 Aug 2011 - 12:00am

Mainlanders bid in first US online land auction

On Tuesday afternoon of last week, more than 438 bidders rolled up their sleeves and got ready to bid in the first online auction of US land open to mainland buyers.

Within 55 seconds, 71 bids were placed that hit the reserve price of US$8,800 for the purchase of a 10,000 sq ft site in southwestern Florida. The winner was due to be selected by a lucky draw yesterday.

13 Jul 2011 - 12:00am

Small sea-view plot proves HK$30m draw for bidders

The government's tender of a small seaview commercial property site in Sai Kung attracted 12 bidders, which industry players said was a strong response.

The 17,862 sq ft site at Tui Min Hoi is the first government land site triggered for sale under the land application list system this financial year, with the applicant guaranteeing a minimum bid of HK$29.8 million.

9 Jul 2011 - 12:00am

Lump-sum rail site bids to boost flat supply

Bidders for West Rail sites will no longer have to negotiate separately with the government over land premiums.

The change, approved by the chief executive and Executive Council yesterday, is expected to expedite land and flat supplies.

6 Jul 2011 - 12:00am