Guess how much Hong Kong developers shelled out for land buys

All for 16,288 units in 2014.

Including the 15 October 2014 land tender award of the 2,900 unit Tai Wai Station project to New World Development, Barclays has estimated that Hong Kong developers have spent around HK$52.6bn to replenish 16,288 units in 2014.

According to a research note from Barclays, among its covered Hong Kong property companies, SHKP has been the biggest buyer of land, spending HK$9.2bn and adding 4,898 units to its pipeline.

In value terms, Sino Land is the next largest, spending an estimated HK$6.85bn on 1,780 units.

Although New World also added 2,900 units to its pipeline, the report said its land costs were reduced by giving up the retail podium for Tai Wai Station to the MTR in exchange for HK$7.5bn in land premium payment.

Here's more from Barclays:

Whether these land purchases turn out to be good or not would depend on how the outlook on home prices is viewed.

If one were to take a benign view on Hong Kong home prices, those companies that have net expanded their landbank, such as SHKP, Sino Land, NWD, should be favoured.

However, given our cautious view on Hong Kong home prices, we believe the net sellers of landbank, such as Cheung Kong and Hang Lung Properties, should be favoured.