Local Tycoons For Hong Kong Land Sales
  • February 17, 2023
  • Team Hongkong Journalist
  • 0

On Thursday, Hang Seng Index enhanced its demand among local players because of Asian stocks’ rebound. However, it has impacted property hikes. Hong Kong real estate is the most expensive worldwide but the rates could be more soothing.

In an ongoing discussion, the public tender spells out the information related to a Government land sale in the Kowloon district and states that whomever the land is concerned should acknowledge that their activities will not put national security in danger or affect public order.

A Chinese newspaper Hong Kong Economic Times reported the insertion of the national security law on Monday, the Hang Seng Index which takes over all the property-related stocks. The companies listed on Hong Kong Stock Exchange tumbled as much as 4.9%, before closing 3% lower.

In this matter, the wide-ranging security legislation has been interfered with and condemned by foreign governments and human rights organizations. This group was founded in the year 2020 and looks after criminalizing secession, subversion, terrorist activities, and collusion with foreign forces.

Speaking at a press conference on Tuesday, Hong Kong Leader John Lee debunked the idea that the addition of the clause to the government’s tender documents would impact investors’ confidence. In addition, Lee said that adding a legal provision is “ an obvious thing “ for Hong Kong to shield national security.

Surprisingly, Hong Kong SAR has owned almost all the city’s land, therefore, it creates the biggest revenue in land sales with winning bids usually coming from local tycoons or mainland Chinese Developers.

David Webb, a Shareholder activist on CNN has stated, “If the approach to land tenders is extended to other sectors where foreign companies are more likely to participate, then it could damage our reputation as an open economy.”

- Published By Team Hongkong Journalist

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