A possible sign that Hong Kong's property developers are becoming more concerned about a potential reversal in the property sector, the auction of land in Hong Kong's New Territories drew offers that fell considerably short of what some analysts forecast. "This shows the developers are being more cautious," said Kevin Lai, an economist with Daiwa Institute of Research in Hong Kong. "A lot of this year's economic recovery comes from short-term capital inflows, and the money isn't likely to be swimming around in the next three to five years." K Wah International Holdings and Sino Land together paid $1.3 billion for two waterfront sites.
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