Aerial drone view of Kai Tak on 27 September 2019, where residential buildings are under construction. Photo: Martin Chan

Developers pick up Kai Tak’s most valuable harbourfront land plot at 27 per cent discount as protests send property market into tailspin

  • China Overseas Land & Investment, Henderson Land Development, K. Wah International Holdings and Wharf Development together paid HK$15.95 billion (US$2.04 billion) for Area 4A Site 2 at Kai Tak
  • The winning bid translates to HK$13,238 per square foot, barely meeting the lower end of valuations, which had already been cut by 20 per cent from June
Topic |   Hong Kong property

TOP PICKS

Aerial drone view of Kai Tak on 27 September 2019, where residential buildings are under construction. Photo: Martin Chan
READ FULL ARTICLE
Aerial drone view of buses trapped amongst anti-government protesters in Tsim Sha Tsui, between The Peninsula hotel (left) and Sheraton Kowloon (right) on 20 October 2019. Photo: May Tse

Hong Kong’s hotel valuations drop, vacancy rates soar, as business travellers and tourists avoid city amid street protests

  • The average room rate at three-star hotels fell 46 per cent to HK$446 (US$57) for the week that ended on October 27, according to data by accommodation platform WebBeds
  • Tourists and duty-free shoppers from mainland China led the exodus, with their number of room nights falling 24 per cent during the week
Topic |   Hong Kong protests

TOP PICKS

Aerial drone view of buses trapped amongst anti-government protesters in Tsim Sha Tsui, between The Peninsula hotel (left) and Sheraton Kowloon (right) on 20 October 2019. Photo: May Tse
READ FULL ARTICLE