Source : TODAY, Thursday, August 30, 2007
COLLECTIVE sales of property may slow due to the Government’s proposed amendments to them, but that may not necessarily be negative, said Mr Cheung Wai-Keung, chairman of luxury property developer Wing Tai Holdings.
Tightening may make developers less aggressive in acquiring land for development.
“I think it’s good, at least it will allow the market to consolidate and adjust itself. (The proposed changes) have also taken away some of the uncertainty created over en bloc rules,” said Mr Cheung.
He was speaking at the release of the company’s financial results for the year ended June 30.
The firm’s net profit rose 198 per cent to $381.8 million from $128 million a year earlier, due to increased sales of residential units, a drop in finance costs and higher contributions from its associated companies.
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