Hong Kong is learning from its all-time rival Singapore as it seeks to tame the city’s land prices.

In addition to the tender amount of the successful bidder in land sales, the Hong Kong government will now publish the amounts of all failing tender submissions, announced Secretary for Development Michael Wong in a media briefing for land sale programme in the new year.

Under the city’s previous land tender system, only the winning bid is revealed while the amounts of other bids submitted were not disclosed. Starting from April, after all transaction procedures for the successful bid are completed, the government will publish the amounts of the other tender submissions, though without identifying who made which offers.

“In view of the uniqueness of the property market, we think it may be a good time to increase the transparency of the market.”

Michael Wong

Michael Wong, Secretary for Development,

The rule change is designed to enhance transparency, similar to Singapore’s practice of publishing an anonymous list of all tender amounts submitted.

2018 Land Sale Programme Tries to Tame Property Bidding


“In the past, there are quite, several sites, where the winning bid far exceeds the upper estimate of the market. In those situations people wonder whether the winning bid is representative of the overall bids received or is an outlier representing only itself, whereas the second or third highest bid falls far behind,” said Michael Wong, Secretary for Development in the media briefing. Source link

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Hong Kong’s cracking zero-COVID strategy

The start of 2022 has seen Hong Kong’s COVID-19 pandemic firewall well…

Hotel sector continues to face challenges in Asia Pacific

The quarter was also marked by the partial reopening of Thailand to international visitors with the launch of the Sandbox initiative in Phuket and Koh Samui.

Hong Kong’s case for RCEP membership

At the moment, Hong Kong does not have bilateral trade agreements with Japan or South Korea. By joining RCEP, Hong Kong may be able to capitalise on significant new trade and investment opportunities with both these countries.