Almost a third of 5,500 new flats in Hong Kong were sold through tender in the first quarter of this year, according to data from the Sales of First-hand Residential Properties Authority. Photo: AFP

Hong Kong developers should offer cheap new flats on open market instead of going through opaque tender process, industry guild warns

  • The Real Estate Developers Association said a recent spike in sales through tender amid bleak market conditions is ‘not what we want to see’
  • Regulations requiring developers to release a price list before units go on the market do not apply to the tender process
Topic |   Hong Kong property

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Almost a third of 5,500 new flats in Hong Kong were sold through tender in the first quarter of this year, according to data from the Sales of First-hand Residential Properties Authority. Photo: AFP
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