Hong Kong

HONG KONG'S property market is setting new records, quashing attempts by the city's leaders to tame surging home prices.

Existing home prices reached an all-time high in the week ended Feb 19, according to the Centaline Property Centa-City Leading Index, which tracks sales of secondary homes. In another sign of buyer demand, two Chinese companies bid a record HK$16.9 billion (S$3.1 billion) for a piece of waterfront land zoned for residential development.