Cheung Kong’s Prices Rise Under New Hong Kong Government Rules

"Cheung Kong’s Prices Rise Under New Hong Kong Government Rules | AboutHK.Com - More Information About HK"

Bloomberg Cheung Kong (Holdings) Ltd.’s minimum property price at a Hong Kong development was about a third higher when calculated under a new measure imposed by the city’s government to prevent misleading sales tactics. The lowest price for usable area in Cheung Kong’s Le Prime project is HK$6,131 ($791) per square foot, the property company owned by billionaire Li Ka-shing said in an e-mailed statement today. That’s 32 percent more than prices calculated under a previous method that included a portion of common areas, it said. Hong Kong’s government said last week that developers selling unfinished homes will have to price their apartments according to the usable floor area, provide clearer information on floor numbering and report preliminary sales and purchase agreements within five working days instead of one month. The restrictions come after lawmakers criticized Henderson Land Development Co. for selling an apartment on the “68th” floor of a 46-story project last month. The government threatened to intervene to prevent an “unhealthy” market after record-low mortgage rates spurred a 30 percent gain in apartment prices this year. To contact the reporter on this story: Wendy Leung in Hong Kong at wleung12@bloomberg.net This e-mail address is being protected from spambots. You need JavaScript enabled to view it