Shau $233 million trillion to buy Hong Kong mansion plots

On the morning of May 19, a luxury plot in Hong Kong sold a record price at an auction in Tuesday.　　The 82-Year-old bought the plot, an equivalent of HK $68000 per square foot.　　The Wall Street Journal quoted the auctioneer as saying the price was higher than market expectations and also a record price for Hong Kong's auction of luxury residential plots. The plot, which is located in Hong Kong's luxurious hilltop area, was purchased for Shau's family. At the end of the auction, Shau's son, Ka, said the Li family was preparing to build three to four houses here, but he did not further explain.　　The land name "Falconridge", is another Hong Kong real estate tycoon Shixun delivery auction. Yet one weeks ago, the Hong Kong government auctioned off a plot in the suburbs at a low price of HK $3.42 billion. The site is located near the Hong Kong International Airport for the construction of high-density residential buildings. The price is widely seen as a cooling signal in Hong Kong's real estate market.　　The red-hot property market in Hong Kong may be cooling as a result of the government's hard-line stance and the adoption of a series of measures, including curbs on large mortgages. The results of the Tuesday auction appear to suggest that the public housing market in Hong Kong may be weakening, but the performance of the luxury property market remains strong. The mansion market can maintain its premium, said David Ng, real estate analyst at Royal Bank of Scotland. He stressed that billionaires have plenty of money, and that they don't care about spending huge sums to buy real estate in order to dispose of wealth or simply show off, and that the public housing market has nothing to do with it. The analyst predicts that the next auction of a mass-market residential plot will once again show the cautious mentality of the market.