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HK auctions land 33% below estimates over US downgrade

08-10-2011 15:11 BJT

Hong Kong has been boosting housing supply to ease soaring home prices. And the U.S. debt downgrade seems have taken a toll on the region's property market. Hong Kong authorities sold on Tuesday a site at auction with prices of more than a third below estimates. That's after stock markets were roiled by the U.S. rating downgraded.

A group including Kerry Properties and Sino Land bought the land in Sha Tin district on the first bid for 5.5 billion Hong Kong dollars, below the median estimation.

Transactions of used apartments at the 10 biggest private projects in Hong Kong fell over the weekend from a week earlier, mainly because buyers were deterred by concerns the U.S.' loss of its top credit rating will extend equity declines.

Editor:Li Wanran |Source: CNTV.CN

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