Hong Kong's housing bureau is in talks to sell 25,000 unsold subsidised houses estimated at HK$20 billion to China's biggest government-owned property developer, the South China Morning Post said - $3.9 billion - Hong Kong

Business Asia, Sept, 2003

Hong Kong's housing bureau is in talks to sell 25,000 unsold subsidised houses estimated at HK$20 billion ($3.9 billion) to China's biggest government-owned property developer, the South China Morning Post said. The housing bureau is in talks to sell the vacant apartments to the China National Real Estate Development Council, a developer run by China's State Council, or the Government cabinet, the newspaper said, citing the bureau.

The Hong Kong Government was left with the vacant apartments after it halted their sales in November, in an attempt to help boost property prices, which have declined about two-thirds since their 1997 beak. Hong Kong's Housing, Planning and Lands Bureau spokesman declined to comment on the Government's view on the proposed sale.