20 May '11, 12pm

Hong Kong tycoon Li urges further land supply

Hong Kong tycoon Li urges further land supply

HONG KONG : Hong Kong billionaire Li Ka-shing on Friday urged the government to further boost land supply, saying it was the most "practical" way to deal with the city's red-hot property market. The southern Chinese city of seven million people has imposed new taxes and staged a series of land auctions in the past year-and-a-half to boost land supply, but prices are continuing to rise. "The most practical thing for the government to do would be to increase land supply," Li said, according to Dow Jones Newswires, after a shareholders' meeting of his port-to-telecoms conglomerate Hutchison Whampoa. Hutchison Whampoa is a unit of Cheung Kong Holdings, the property development flagship of Li, who is nicknamed "Superman" for his long-running business success. Hong Kong's average home prices soared about 24 percent last year, with some lawmakers calling for the resumption of a s...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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channelnewsasia.com 24 May '11, 9pm

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