Blame tighter capital controls and greater scrutiny of overseas purchases.
Bloomberg reports that the land buying spree by developers from the Mainland is fast running out of steam as developers only bought 11% of land sold via government tender in the 10 months through January down from 53% in the year through March 2016, according to an S&P Global Ratings report.
Tighter capital controls and higher levels of scrutiny on overseas property purchases by Chinese regulators led to the diminishing figures.
However, Bloomberg notes that even with subdued Chinese bidding, land prices remain on the rise as Wharf Holdings’ recently purchased Kowloon land is expected to fetch as much as $40,000 per square foot.
Here’s more from Bloomberg:
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