HONG KONG

Land to Be Opened for Development: In a move aimed at cooling Hong Kong’s red hot real estate market, China and Britain agreed to release about 290 acres of Hong Kong government land for development in the current fiscal year. About 77 acres will be sold for commercial, residential and industrial development in the year that began April 1. This is 32.5% more than the 58 acres allocated to the sector last year. The release of land could lead to 6,000 to 8,000 more apartment units being built on land released this year than in 1993-94, said Karl Lung, real estate analyst at W.I. Carr (Far East). The accord signaled real estate investors that China is concerned about the leap in Hong Kong apartment and office prices and rents in recent months, analysts said.