The compulsory auction for the On Hing Building, pictured, in Sai Ying Pun, had a reserve price of HK$700 million. Photo: Jonathan Wong The compulsory auction for the On Hing Building, pictured, in Sai Ying Pun, had a reserve price of HK$700 million. Photo: Jonathan Wong
The compulsory auction for the On Hing Building, pictured, in Sai Ying Pun, had a reserve price of HK$700 million. Photo: Jonathan Wong

Developers use forced auctions to snap up Hong Kong’s older buildings for redevelopment amid city’s land shortage

  • Some developers who have already acquired at least 80 per cent of an old building are using compulsory purchase orders to take full ownership and renovate them into new flats
  • Analysts see a spike in such purchases in the coming months as the courts reopen after being halted during coronavirus

Topic |   Hong Kong property
The compulsory auction for the On Hing Building, pictured, in Sai Ying Pun, had a reserve price of HK$700 million. Photo: Jonathan Wong The compulsory auction for the On Hing Building, pictured, in Sai Ying Pun, had a reserve price of HK$700 million. Photo: Jonathan Wong
The compulsory auction for the On Hing Building, pictured, in Sai Ying Pun, had a reserve price of HK$700 million. Photo: Jonathan Wong
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