Hong Kong Land Auction Turns Into Bidding War, While Locals Hold Protest Against Rising Prices

Hong Kong

Photo: jgaerlan via flickr

Hong Kong’s first land auction of the year exploded into a dramatic bidding war, according to The Standard. Nearly 100 bids were submitted for the site on Ko Shan Road in Kowloon, pushing the price to USD$196 million — at the upper end of market estimates.This comes after a year of supposed cooling measures out of Beijing.

Adding to the drama, a crowd of locals protesting against rising prices interrupted the auction four times and were escorted out of the building by police.

Incredibly The Standard reports that homeowners in the district lifted their prices by 10 per cent right after the the auction.

Judging by sale-to-rent ratio, Hong Kong is currently the second most overpriced housing market in the world.

See also: Incredible Photos Of Hong Kong In 1972 Vs. 2011 >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.