Kelvin Wong,(Bloomberg)
Hong Kong lawmakers plan to discuss 20 failed sales of luxury apartments at a project developed by Henderson Land Development Co. at a housing panel meeting this afternoon.
Henderson, the builder controlled by billionaire Lee Shau- kee, submitted its responses to the government’s queries on the sales at its 39 Conduit Road project to the Legislative Council today, Lee Wing-tat, a councilor of the Democratic Party, told local television stations.
The Hong Kong government has introduced measures to cool home prices and increased scrutiny of developers’ sales methods since Henderson’s October announcement that it sold an apartment for a record of HK$88,000 ($11,300) a square foot. That was among 20 purchases that were canceled by prospective buyers, the builder said last month. The government has sought details on the sale agreements.
Lawmakers may ask representatives from Henderson to testify if they decide to begin an investigation into the failed transactions, Lee told reporters today.
Henderson on July 2 took out full-page advertisements in most local newspapers, claiming all transactions were “genuine” and “buyers weren’t connected to the company.”
Shares of Henderson were unchanged at HK$46.10 at the noon trading break in Hong Kong.
--Editors: Chitra Somayaji, Malcolm Scott.
To contact the reporters on this story: Kelvin Wong in Hong Kong at kwong40@bloomberg.net
To contact the editor responsible for this story: Malcolm Scott at Mscott23@bloomberg.net
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