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May 30, 2007
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Cartel proof
Does Hong Kong need some kind of anti-trust/competition law? Let's take a look at yesterday's Government property auction, as reported in The Standard: Tuesday's auction also saw Manhattan Garments, controlled by Liberal Party chairman James Tien Pei-chun, outbid K Wah International (0173), Chinachem and four unidentified bidders to secure the other lot on Tsing Lung Road in Tuen Mun for HK$960 million - the high end of market estimates of HK$800 million to HK$1 billion. The sale price was 64 percent above the HK$585 million opening bid.Now I agree they are taking on a good degree of risk and these estimates may not pan out. But at a 40% profit margin, that's a pretty good return on risk. The more interesting question is how does the cartel decide who gets what? posted by Simon on 05.30.07 at 11:57 AM in the Hong Kong economy category.
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