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 WongThe 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
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

Topic |   Hong Kong property
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 WongThe 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
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
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