Ocean Park has appointed Lai Sun Development, headed by Hong Kong Tourism Board chief Peter Lam Kin-ngok, as its partner in the development of its HK$4.1 billion resort hotel, it said in an announcement after the stock market closed yesterday.

The debate over whether a potential interest rate rise next year and a growing supply of flats will put an end to 10 years of increases in home prices in Hong Kong is intensifying, with much attention focused on the possibility of a market correction.


Despite cooling measures, buying interest in super deluxe houses is still keen with Hutchison Whampoa selling another house on the Peak for HK$538 million, its second deal within a week.

In more signs of increasing competition for buyers among developers, Sino Land and Hopewell are launching their joint residential project in Wan Chai at 20 per cent below secondary prices in the area.

Langham Hospitality Investments (LHI), the hotel-focused business trust spun off from Great Eagle, expects its performance to improve this year with higher variable rental income in the second half, a traditional peak season for hotels in Hong Kong.

Mainland developers say they will become more selective in land replenishment in the second half of the year after they reported mixed results yesterday.