Henderson Land Development, the Hong Kong developer controlled by billionaire Lee Shau Kee, was questioned for a seventh time by the government over luxury apartment transactions that spurred efforts to cool home prices and a crackdown on marketing tactics.
The Lands Department asked the company to provide copies of title deeds and additional details on how it calculated the interest penalty for late payments, a spokesperson said. Henderson was given seven days to respond.
The Hong Kong government has been scrutinising developers’ sales techniques since Henderson’s October announcement it sold an apartment at the 39 Conduit Road project in the Mid-Levels district for a world-record of HK$88,000 ($15,300) per sqf. The company said the sales of 20 apartments in the complex collapsed after most buyers pulled out.
“The reason why the government is asking all these questions is they want to appear to the public they are tough” on developers’ selling tactics, Hong Kong-based shareholder activist David Webb said.
Source: Today, 24 Jun 2010