RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Mainland firms to continue setting record land bids in Hong Kong

Chinese buyers won 53% of Hong Kong’s land sales since 2016, says Bloomberg.

According to a report by Bloomberg, Shum Chiu Hung, chairman of Chinese developer Times Property Holdings Ltd., has advice for those dismayed at record land bids in Hong Kong by mainland firms: “Get used to it.”

Chinese developers have dominated Hong Kong’s land sales this year, splurging more than $2.9 billion to win all three residential plots tendered, including a record sum for a waterfront site. That adds to a spate of acquisitions since the beginning of 2016, with Chinese buyers accounting for 53 percent of the $12.2 billion in Hong Kong’s government land sales in that period, according to data compiled by Bloomberg based on official numbers.

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