Li Ka-shing slows China, HK land buys
Surge in prices a sign of unhealthy situation, he says
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[HONG KONG] Li Ka-shing, Asia's richest man, said his companies have slowed land purchases in Hong Kong and China as prices have escalated to a high level.
"Land prices in Hong Kong are high, and already showing signs of an unhealthy situation," Mr Li said in an interview with Southern Metropolis Weekly. "Land prices in China have surged, and we're unable to win auctions for land."
The comments by Mr Li, who controls Hong Kong's biggest developer, Cheung Kong Holdings Ltd, underline concerns that governments in China and in the city are struggling to tame an asset bubble fuelled by cheap credit. New home prices in October jumped in all but one of the 70 Chinese cities tracked, the National Bureau of Statistics said on Nov 18.
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