Lands Department Tightens Land Tendering Rules
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2019-08-09 HKT 00:19
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The Lands Department has tightened rules on the tendering of land after a bidder dropped out of a Kai Tak land sale in June. Retendering for the site, under new rules, starts on Friday.
The department said it would double the initial deposit for each bidder to HK$50 million from HK$25 million.
The winning bidder would also have to pay another 10 percent of the outstanding land price within seven working days after the tender had been awarded.
A spokesman for the department said the new measures would increase the cost of default.
In June, Goldin Financial decided to drop its plan to buy a Kai Tak residential site for HK$11.1 billion. It lost its HK$25 million deposit
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