Hong Kong's Yau Tong Bay residential project could be split into four phases to loosen land premium payments, The Standard reported Friday, citing sister publication Sing Tao Daily.
The project, jointly built by six developers including Henderson Land (HKG:0012) and Sun Hung Kai Properties (HKG:0016), is seen to offer 6,236 homes, according to the report.
The developers have yet to agree with the government on the land premium, which was set at HK$19.5 billion in 2024, 35% lower than the HK$24.5 billion set in 2023, the report said.
Developers still rejected the offer due to the lengthy redevelopment period, which could increase interest rates, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.