Henderson Land Development, the Hong Kong-based builder controlled by billionaire Lee Shau-kee, has been ordered to explain by today why just one of 25 property sales included in its recent results have been completed.
They include a duplex the company said in October was sold for a world record HK$88,000 ($11,334) a square foot, said company spokeswoman Bonnie Ngan. Hong Kong’s government told Henderson to provide information on the deals.
Responding to an outcry over rising property prices last year, Hong Kong raised down payments on luxury homes to 40% from 30% and clamped down on marketing techniques. The apartment Henderson said was sold for a record -- based on usable space excluding common areas -- was listed on the 68th floor while it was actually on the 45th. Floor numbers are often skipped in Hong Kong to avoid ones considered unlucky.