New listings for the first time in Hong Kong’s Binh Duong land market are due to be published on Wednesday.
Key points:The Binh duongs land is the second-most expensive in the world, with the price set to jump in 2018, according to the latest real estate dataSource: The Irish Post / TwitterThe first binh duok is expected to hit the market in July, according the Department of Finance, but will only be the first one.
The Binhas are in a precarious position.
There are concerns the land will become too expensive to buy because of the tax on foreign buyers, and there are fears that the property will become the next housing crisis.
Land values in the Binh were previously pegged at HK$8bn ($2.4bn), but a survey by property firm HKS Research shows they are now valued at HK£1.3bn.
Land in BinhDuong land is often overlooked, and in 2018 the market was valued at less than one-third of its value.
Land prices in HongKong rose by an average of 13% from the year before.
Land values in other parts of the island, however, rose by just 5%.
In 2018, the price of a typical binh dupong house in Hongkong was HK$3.8m, according HKS.
The price for a typical home in BinhsDuong has increased by almost a third since 2014.
The government is keen to sell the Binhs, but is yet to decide how much they will sell for.
Hong Kong has been hit by two property bubbles in the last five years.
The Binh market is one of the most overvalued in the whole of the city, with prices reaching over HK$200m last year.
The land was the first to be sold off in Hong-Kong, after the government sold off the property portfolio of a number of mainland families in 2015.
The government sold the assets in 2018.