Dominion Lending Centres Clearlease Reports Hong Kong land auction misses record estimates

Dominion Lending Centres Clearlease Reports Hong Kong land auction misses record estimates

VANCOUVER, BC (June 9, 2011) Dominion Lending Centres Clearlease Reports A Hong Kong land auction Thursday June 9, 2011 fell below record price estimates for the sprawling residential site, with analysts saying government measures to cool the sizzling real estate market may be taking hold.

The property in Hong Kong’s central Mid-Levels district sold for HK$11.65 billion ($1.5 billion), below earlier estimates that it could fetch between HK$12 billion and HK$15.2 billion — and set a new city land auction record.

The southern Chinese city of seven million people, famous for its sky-high residential rents and super-rich tycoons, has imposed new taxes and staged a series of land auctions in the past year-and-a-half to boost land supply and bring down property prices.

On Thursday, Victor Li, deputy chairman of Cheung Kong Holdings, the ports to property conglomerate controlled by his father Li Ka-shing, said the final sale price was a bargain.

“We’re quite happy,” he told reporters after the sale, adding that “we’re doing it on a budget, let’s put it that way.”

The government’s cooling measures combined with uncertainty about the economy over the next few years could explain the site’s lower-than-expected sale price, said Yu Kam-hung, a senior managing director of valuation and advisory services at property consultancy CB Richard Ellis.

“It was a good price for the developer,” he told AFP.

“This (property) is also quite large so the development period would be three to four years and I think the (buyers) are being a bit conservative.”

“The government continues to put land on the market so at some critical point the developers are going to be more conservative,” he added.

However, Cheung Kong also bought a smaller residential site in the city’s New Territories for HK$300 million on Thursday. That was at the higher end of analysts’ HK$200-HK$330 million pre-sale estimates, suggesting officials still have work to do to bring down Hong Kong’s prices.

Average home prices in the teeming city rose about 24 percent last year, stoking public anger over increasingly unaffordable housing and a warning from the International Monetary Fund of a potential asset bubble.

Some lawmakers have called for the resumption of a subsidised housing scheme because of concerns about the city’s growing income gap.

The government has held two land auctions so far this year, where the sites were either sold at the top end of market expectations or beat their pre-sales estimates.

Some existing properties are still fetching top-end prices with the home of France’s top diplomat selling last month for a whopping HK$580 million ($74.5 million).

A study by US consultancy Demographia in January found Hong Kong’s home prices were the least affordable in the world.

Dominion Lending Centres Clearlease Video Link: http://youtu.be/f_kk7WJa7Uk

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk


Dominion Lending Centres Clearlease Reports Hong Kong land auction misses record estimates

VANCOUVER, BC (June 9, 2011) Dominion Lending Centres Clearlease Reports A Hong Kong land auction Thursday June 9, 2011 fell below record price estimates for the sprawling residential site, with analysts saying government measures to cool the sizzling real estate market may be taking hold.

The property in Hong Kong’s central Mid-Levels district sold for HK$11.65 billion ($1.5 billion), below earlier estimates that it could fetch between HK$12 billion and HK$15.2 billion — and set a new city land auction record.

The southern Chinese city of seven million people, famous for its sky-high residential rents and super-rich tycoons, has imposed new taxes and staged a series of land auctions in the past year-and-a-half to boost land supply and bring down property prices.

On Thursday, Victor Li, deputy chairman of Cheung Kong Holdings, the ports to property conglomerate controlled by his father Li Ka-shing, said the final sale price was a bargain.

“We’re quite happy,” he told reporters after the sale, adding that “we’re doing it on a budget, let’s put it that way.”

The government’s cooling measures combined with uncertainty about the economy over the next few years could explain the site’s lower-than-expected sale price, said Yu Kam-hung, a senior managing director of valuation and advisory services at property consultancy CB Richard Ellis.

“It was a good price for the developer,” he told AFP.

“This (property) is also quite large so the development period would be three to four years and I think the (buyers) are being a bit conservative.”

“The government continues to put land on the market so at some critical point the developers are going to be more conservative,” he added.

However, Cheung Kong also bought a smaller residential site in the city’s New Territories for HK$300 million on Thursday. That was at the higher end of analysts’ HK$200-HK$330 million pre-sale estimates, suggesting officials still have work to do to bring down Hong Kong’s prices.

Average home prices in the teeming city rose about 24 percent last year, stoking public anger over increasingly unaffordable housing and a warning from the International Monetary Fund of a potential asset bubble.

Some lawmakers have called for the resumption of a subsidised housing scheme because of concerns about the city’s growing income gap.

The government has held two land auctions so far this year, where the sites were either sold at the top end of market expectations or beat their pre-sales estimates.

Some existing properties are still fetching top-end prices with the home of France’s top diplomat selling last month for a whopping HK$580 million ($74.5 million).

A study by US consultancy Demographia in January found Hong Kong’s home prices were the least affordable in the world.

Dominion Lending Centres Clearlease Video Link: http://youtu.be/f_kk7WJa7Uk

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk


Dominion Lending Centres Clearlease Reports Hong Kong land auction misses record estimates

VANCOUVER, BC (June 9, 2011) Dominion Lending Centres Clearlease Reports A Hong Kong land auction Thursday June 9, 2011 fell below record price estimates for the sprawling residential site, with analysts saying government measures to cool the sizzling real estate market may be taking hold.

The property in Hong Kong’s central Mid-Levels district sold for HK$11.65 billion ($1.5 billion), below earlier estimates that it could fetch between HK$12 billion and HK$15.2 billion — and set a new city land auction record.

The southern Chinese city of seven million people, famous for its sky-high residential rents and super-rich tycoons, has imposed new taxes and staged a series of land auctions in the past year-and-a-half to boost land supply and bring down property prices.

On Thursday, Victor Li, deputy chairman of Cheung Kong Holdings, the ports to property conglomerate controlled by his father Li Ka-shing, said the final sale price was a bargain.

“We’re quite happy,” he told reporters after the sale, adding that “we’re doing it on a budget, let’s put it that way.”

The government’s cooling measures combined with uncertainty about the economy over the next few years could explain the site’s lower-than-expected sale price, said Yu Kam-hung, a senior managing director of valuation and advisory services at property consultancy CB Richard Ellis.

“It was a good price for the developer,” he told AFP.

“This (property) is also quite large so the development period would be three to four years and I think the (buyers) are being a bit conservative.”

“The government continues to put land on the market so at some critical point the developers are going to be more conservative,” he added.

However, Cheung Kong also bought a smaller residential site in the city’s New Territories for HK$300 million on Thursday. That was at the higher end of analysts’ HK$200-HK$330 million pre-sale estimates, suggesting officials still have work to do to bring down Hong Kong’s prices.

Average home prices in the teeming city rose about 24 percent last year, stoking public anger over increasingly unaffordable housing and a warning from the International Monetary Fund of a potential asset bubble.

Some lawmakers have called for the resumption of a subsidised housing scheme because of concerns about the city’s growing income gap.

The government has held two land auctions so far this year, where the sites were either sold at the top end of market expectations or beat their pre-sales estimates.

Some existing properties are still fetching top-end prices with the home of France’s top diplomat selling last month for a whopping HK$580 million ($74.5 million).

A study by US consultancy Demographia in January found Hong Kong’s home prices were the least affordable in the world.

Dominion Lending Centres Clearlease Video Link: http://youtu.be/f_kk7WJa7Uk

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk




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