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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (174451)	7/8/2021 7:51:36 AM
From: TobagoJack	Read Replies (1) \| Respond to of 217750

Not to worry and not too worried, for the folks on this end know what to do about bad buildings Just build new. It is good for the economy. And given trajectory of pricing, likely would make more money by correcting a costly mistake. This is what a bull market is all about. In the meantime, the buyers of the defective units, having only paid presumably 10% deposit, and to be rewards with 7.67% return on total price, making out like bandits. A win-win outcome. :0) bloomberg.com New World to Demolish Luxury Hong Kong Towers in Major Setback Shawna Kwan July 8, 2021, 5:43 PM GMT+8 New World Development Co. will demolish two towers at Hong Kong’s most popular housing development in decades and compensate buyers after finding unexpected defects, in a major setback for the real estate company. The developer will pull down and rebuild the existing floors of Towers 1 and 8 at its Pavilia Farm III project near Tai Wai station after it found the concrete strength in some areas did not meet design requirements, the Hong Kong-based company said in a statement. Shares of New World fell as much as 4.8% Thursday in Hong Kong, the most in more than seven months, before recovering to close 3.9% lower. The demolition is a reversal of fortunes for New World, led by tycoon Adrian Cheng, just as property prices in the city are hovering near an all time-high set in mid-2019. The real estate company led the new residential market recently with the project, which was so popular that 88 buyers vied for one apartment -- making it the most in-demand development in the city since 1997. The reconstruction will delay the date of occupancy by nine months and the developer plans to compensate the affected 846 buyers in the buildings with as much as HK$1.15 million ($148,030) for a home worth HK$15 million, the company said in a statement. Read more: World’s Most Expensive Housing Market Grinds Toward Record New World has also reported the matter to MTR Corp., joint developer of the project, and the government, the developer said. Before it's here, it's on the Bloomberg Terminal. LEARN MORE Sent from my iPad