HONG KONG - A plot of land at Hong Kong's former Kai Tak airport has failed to sell at auction in a sign the city's worsening economic crisis is starting to take its toll on the property market.
It follows news on Monday that Hong Kong's Goldin Financial Holdings had sold a residential land parcel at a loss of HK$2.6 billion . Selling undeveloped land bought by tender is unusual. For Goldin, however, the sale of land in the Kai Tak district marked the second time in a year for such a purchase to go awry.
"Industries like tourism and retail will need a long time to recover, so the rental income from this type of commercial plot will likely decline," he said.
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