Henderson Land Development, a Hong Kong developer managed by Mr. Lee Shau Kee, has been questioned by the government for a seventh time over luxury apartment transactions that prompted efforts to cool down home prices and a crackdown on marketing strategies.
Henderson was asked by the Lands Department to present copies of title deeds, as well as additional information on how it calculated the interest penalty for late payments, said a spokesperson. The company was given seven days to respond to the queries.
The Hong Kong government has been scrutinizing the sales tactics of developers since Henderson announced in October that it has sold an apartment unit at 39 Conduit Road project in the Mid-Levels district for HK$88,000 ($15,300) psf. According to the company, the sales of 20 residential units in the complex have crumpled after most buyers decided to pull out.
“The reason why the government is asking all these questions is they want to appear to the public they are tough” on developers’ selling techniques, said David Webb, a Hong Kong-based shareholder activist.