The sale of a prime commercial plot at the former Kai Tak airport fell through as the buyer walked away from a HK$11.1 billion winning bid. Photo: Winson Wong
Land tender: Hong Kong government must introduce guarantors, higher deposits to prevent another Kai Tak fiasco
- Guarantors similar to those required by MTR Corp and Urban Renewal Authority will ensure completion of land sale via tenders, says industry expert
- Although Lands Department says Kai Tak default was an isolated incident, it will consider raising the deposit cap from the current HK$25 million
The sale of a prime commercial plot at the former Kai Tak airport fell through as the buyer walked away from a HK$11.1 billion winning bid. Photo: Winson Wong
