China Overseas says 2009 property sales up 80%

Hong Kong-listed mainland property developer China Overseas Land said yesterday that its total property sales for 2009 rose 80 percent from the year before to HK$47.8 billion ($6 billion).

China Overseas' latest sales figures are further evidence of a booming mainland real estate market, which is triggering concern within the government that an asset bubble could be forming.

The company sold a total gross floor area last year of 4.77 million square meters, up 76 percent from 2008, the Hong Kong-listed developer said in a statement, exceeding an earlier target of 4.3 million square meters.

China Overseas, which has developed real estate in key mainland cities, Hong Kong and Macao, said property sales totaled HK$2.8 billion in December alone, up 82.8 percent year on year.

Foreign currency reserve assets down $500m

Hong Kong's official foreign-currency reserve assets fell to $255.8 billion in December, down $500 million in November, the Monetary Authority says.

Hong Kong is the world's seventh largest holder of foreign currency reserves based on the latest published figures, after the mainland, Japan, Russia, Taiwan, India and South Korea.

Forum to promote HK's participation in Expo

The government has announced activities targeting city development professionals and the education sector to promote Hong Kong's participation in Expo 2010 Shanghai China (Shanghai Expo).

To mark the 100-day countdown to Shanghai Expo, a major Pre-Expo Forum will be held on January 21 at the Grand Hyatt Hong Kong. The forum will bring together officials, developers, planners and architects from Hong Kong, Shanghai and New York to explore how the vital concentration and growth of global cities can be balanced with an enlargement of the civic realm.

Sun Hung Kai Properties seeking HK$5b loan

Sun Hung Kai Properties Ltd, the world's biggest developer by market value, is seeking a five-year loan of up to HK$5 billion ($645 million) to refinance debt, according to three people familiar with the matter.

The so-called club loan will pay about 88 basis points more than the Hong Kong interbank offered rate and banks have until the end of the month to indicate their willingness to participate, two of the people said, without wanting to be named because discussions are private.

China Daily/Agencies

(HK Edition 01/08/2010 page3)