Sun Hung Kai Properties and Henderson Land Development, two of Hong Kong’s biggest builders, are joining rival Cheung Kong in capping the number of homes for each buyer amid concern demand from speculators is fuelling a property market bubble.
Each buyer, either using a personal name or that of a company, can purchase one home in new projects of Sun Hung Kai and Henderson, the companies said today.
Sun Hung Kai, the world’s biggest developer by market value, is implementing the cap at its luxury Larvotto project in the southern part of Hong Kong island. Henderson, the developer controlled by billionaire Lee Shau-kee, is doing so at its Green Lodge development in the Yuen Long district of New Territories, spokeswoman Bonnie Ngan said.
“Since the market is concerned that real buyers won’t be able to purchase, we’re capping it at Green Lodge especially as it is a low-density project with only 60 units,” Ngan said in a phone interview today. “We thought that all of them may end up going to investors if we didn’t have the cap.”