Luxury residential project sells well in HK

Special Report:Global Financial Crisis

HONG KONG, Feb. 23 (Chinese media) -- Sun Hung Kai Properties has generated 3.5

billion Hong Kong dollars (451.6 million US dollars) in revenue over the past

two weeks from the sale of 150 units at the Cullinan, according to local media

on Monday.

The Cullinan, an 825-unit project, is the luxury residential project of the

local developer's new development at MTR's Kowloon Station.

Victor Lui Ting, an executive director of Sun Hung Kai Real Estate Agency,

said the sales had been achieved in the two weeks to yesterday at an average

price of 19,445 to 27,778 U.S. dollars per square meter, the South China Morning

Post Monday reported.

"In the first batch, we aimed to sell about 200 units for 5 billion Hong

Kong dollars (645.1 million US dollars). We have achieved 70 percent of our

target in two weeks. We are satisfied with the response," he said.

The result showed that the global financial crisis has not affected the

sales of quality property projects in Hong Kong, Lui Ting told the newspaper.

"Many buyers around the world, including from New York and London, are

interested in investing in the Cullinan as the Hong Kong market is performing

much better than overseas markets." he said.