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3/1 News Roundup: Private Home Price Index Reaches New High, Ping An Acquired Wong Chuk Hang Project with Road King

Hong Kong Property | March 1, 2017

Private Home Price Index Reaches New High
Home prices in Hong Kong reached another all-time high in January, according to government data released yesterday. The private home price index in the first month of the year rose 0.62% to 309.0 from December, extending a 10-month climb, according to data compiled by the Rating and Valuation Department. The January figure marked a 10.8% spike year-on-year. The home price index for small and medium units – those sized below 430 square feet – rose 0.6 percent to 310.3 in January. The home price index for large units, sized between 750 square feet to 1,075 square feet, grew 0.7% to 281.4, the data shows.

Ping An Acquired Wong Chuk Hang Project with Road King
The site next to the Wong Chuk Hang MTR station has been awarded to a joint venture of a small Hong Kong firm – Road King Infrastructure, and Ping An Real Estate Capital – a unit of China’s second largest insurer Ping An Insurance. The two developers will each take half of the project. MTR did not disclose the winning bid, but some market analysts said the land premium was around HK$4.6 billion. Road King executive director Derek Zen Wei-peu said the total development cost will go beyond HK$10 billion.

K City 128 Flats Almost Sold Out
About 124 of 128 flats in K City, a project in Kai Tak developed by K Wah International, were sold out yesterday. Meanwhile, Cheung Kong sold out all 12 homes in the third batch of sales of its project Crescendo in Yuen Long. The developer will release the prices of its Ma On Shan project Seanorama next week.

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