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Tough line on foreign homebuyers pushed

Natallie Cai HK Standard

Friday, June 08, 2012

The administration should study measures to limit non-locals from buying flats, Housing Authority chairman Anthony Cheung Bing-leung says.

“According to the changing structure of the local property market, the government should study the possibility of limiting purchases by foreigners, although such a move is controversial,” he said.

Cheung is expected to be secretary for housing, planning and lands in the incoming administration of Leung Chun-ying, who assumes office on July 1.

His comments echoed those of Leung, who has proposed allocating sites for flats to be built just for locals.

“It is right for the government to launch more public housing, and the new government should continue the move in a bid to cool red-hot prices,” Cheung said.

Emperor International (0163) sold 30 units out of the first batch of 31 flats in The Prince Place in Kowloon City yesterday at an average price of HK$11,075 per square foot. Only a small number of buyers came from the mainland.

The sales totaled HK$200 million, executive director Donald Cheung Ping-keung said.

Unit sizes are from 543 sq ft to 1,248 sq ft. The project has a total of 36 units.

He estimated the price for the remaining units will rise 5-10 percent.

Also, a consortium led by Sino Land (0083) put to market 131 units at Providence Peak in Tai Po for HK$8,110 psf on average.

Market sources said the consortium has so far received around 100 checks to reserve flats.

The units are sized from 788 sq ft to 2,037 sq ft.

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