Hong Kong’s land sale will continue

Sufficiency of funds in Hong Kong banks maintains normal operation of the stock market and banking system in Hong Kong.

Financial Secretary John Tsang said Tuesday’s land auction result reflects the market situation, adding the announced land sales will go ahead.

Speaking to the media after the auction, Mr Tsang said the land sale price and property prices are different issues. A private residential lot in Kau To, Sha Tin, was on Tuesday sold to Pembrooke Development Investments at the opening bid of $5.5 billion.

When commenting on the global stock market slump, Mr Tsang said the operation of the stock market and banking system in Hong Kong has been normal, adding there are sufficient funds in Hong Kong banks.

Mr Tsang said the pegging of the Hong Kong dollar to the US dollar has been working effectively and he does not see the need and reason for changing it.

He said the Government will continue to monitor global developments and the local market to ensure its smooth operation, according to a government report.

He also advised small investors to beware of market fluctuations, to exercise caution and act sensibly.