Hong Kong's Lands Department has added national security clauses to all land sale and short-term lease tender documents in the Asian financial hub, the Development Bureau said on Monday, confirming an earlier media report that had sent property stocks tumbling.
all four tenders received for the sale of a residential site in Stanley on Hong Kong Island had been rejected as their tendered premiums did not meet the government's reserve price for the site.
However, the first land sale project in the Kai Tak area that included the relevant terms attracted six bidders and the site was successfully sold by the end of 2022, said the bureau, which its responsibility includes land administration, infrastructure development, urban planning and renewal. "For law-abiding bidders, the relevant terms should not affect their willingness to bid, and we are not worried that the terms will affect the government's push for land," the bureau added.in the city, one of the most unaffordable territories in the world, fell 15.6% in 2022 in the first annual drop since 2008.
The National Security Law, which punishes subversion, collusion with foreign forces and terrorism with up to life in prison, was imposed by Beijing on the former British colony in 2020. Western governments and rights groups have criticised the law for causing the deterioration of freedoms and the rule of law. Hong Kong and Chinese authorities say it is necessary to restore stability after anti-government protests in 2019.Our Standards:
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