Steady land supply ensured

2019-06-12 21:00:44

The Government said it will continue to provide steady land supply to the market, which will not be affected by the failure of a purchaser to pay the premium for a Kai Tak site by today?s deadline.

The tender for the site, New Kowloon Inland Lot No. 6546 at Kai Tak Area 4C Site 4, was awarded to High Smart Investment for 50 years at a premium of $11.12 billion.

If the purchaser fails to pay the amount by the deadline, the Government may either enforce or cancel the sale in accordance with the conditions of sale governing the lot.

On cancellation of the sale, the $25 million sum forwarded by the purchaser as a deposit shall be forfeited to the Government.

The Government reserves its rights to claim against the purchaser for the breach of contract and will decide to resell the lot at an appropriate time.

The Development Bureau said this was an individual case and that the Government would not comment on the tenderer's decision.

The Government will continue to provide steady land supply to the market, which will not be affected by the result of an individual tender exercise, it added.

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