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Excelsior sale flop a 'reality check'

Property boss describes HK market as 'quite hot', urges developers to be sensible

Published Thu, Oct 5, 2017 · 09:50 PM
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Hong Kong

THE scrapped sale of The Excelsior hotel in Causeway Bay may have been a "reality check" in a heated Hong Kong property market, according to Irene Lee, the chair of Hysan Development.

"We didn't get it - or we didn't bid," she said in a Bloomberg Television interview on Wednesday, refusing to confirm local media reports that her firm had been among those vying for the hotel on Lot No 1, the first land auctioned in Hong Kong in 1841.

A cycle of ever-increasing expectations for commercial property values was fuelled by the record HK$23.3 billion (S$4.1 billion) fetched by the Murray Road c…

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