High-rise, high price
Vehicles pass a plot of land (foreground) located in the Sai Kung district of the New Territories, which recently sold at a land auction for HKD 3.37 billion (434 million USD) in Hong Kong, yesterday. It was reported that the land auction for the mass residential site fetched higher than market expectations, meaning properties could be sold for USD 900 per square foot if the developer was operating on a 20 percent profit margin.
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