Hong Kong's Building Unit Sales Consideration Rise 35.1 Pct in H1

Hong Kong's building units sales remained robust in the first half of 2008 from a year earlier but dipped on the second half of 2007, revealed the Land Registry's latest statistics on Friday.

The amount of consideration involved in all types of building units sales agreements totaled 288.73 billion HK dollars (70.02 billion U.S. dollars), up 35.1 percent on the same period last year but down 7.4 percent on the second half of 2007, according the Land Registry.

A total of 75,320 sale and purchase agreements for all types of building units were registered in the first half of the year, the Land Registry said, up 18.6 percent on the same period last year but down 8.4 percent on the second half of 2007.

According to the Land Registry, 100,429 assignments of building units were lodged for registration during the first half, up 40.7 percent on the same period last year and 15.5 percent on the second half of 2007.

Hong Kong Legco Endorses 2.77 Billion USD Funding for Cultural District Project

The Hong Kong Special Administrative Region (HKSAR) Legislative Council (LegCo) approveda funding application by the HKSAR government for 21.6 billion HK dollars (about 2.77 billion U.S. dollars) to build a cultural district in West Kowloon.

Henry Tang, Chief Secretary for Administration of the HKSAR government, thanked the LegCo for the 21.6 billion HK dollars funding endorsement, saying the project is an important strategic investment in the long-term development of arts and culture for Hong Kong's future.

Tang said the HKSAR government plans to form the West Kowloon Cultural District Authority by making appointments to the authority's board in the coming months this year to push ahead with the project's early implementation.

The development of the cultural district, a 40-hectare waterfront site, is envisaged as a new cultural icon for Hong Kong, incorporating performance venues, museums, a multi-level complex of entertainment and retail facilities, some residential development, extensive open space, a waterfront promenade, an automated people mover and a spectacular canopy.

Source: CRIEnglish