（By Liang Yueqin）
Predicting government will still control property market by strict measures in the following two to three years, Wheelock had made appropriate assessment and maintained the property sales target in this year at HKD 10 billion as last year, including residential project GRAND AUSTIN in Austin Station and office building ONE BAY EAST in Kwun Tong, expressed by Wheelock's Chairman Wu Zongquan on stockholders' meeting held yesterday. At the same time, the group had paid off the debt in the beginning of this year and finished the budget in situation of US increasing interest, so they will not have any more debt in the following 14 to 15 months.
Price of AUSTIN estimated to be opened within this month.
They will state the price of Luxury project GRAND AUSTIN in Austin Station in one or two weeks at the soonest, which had received the pre-sale approval, and the price will follow market trend to make housing person being able to afford, while fast circulation is the most important point, pointed by Wheelock's Vice Chairman Liang Zhijian after shareholder meeting.
Liang also believed, current construction cost is much higher than before, plus with government started many projects leading the market is lack of workers, also it is still unclear that if the land price may drop, while land price and property price are estimated to be stable within half year. He pointed there is no sign that property price will largely down. He also believed, government should do something to cool down property market, although currently the strict measures have not been relaxed, but they should make self-criticism in appropriate time.
They reiterate the investment on Murray Building is not expensive.
Minority stockholder of Harbour Centre Development (0051) in same series also mentioned on the meeting that, the investment on Murray Building in Hong Kong Central District up to HKD 7 billion plus with constriction fee is high, which was won by them at HKD 4.4 billion for rebuilding it into hotel, and this caused Harbour Centre Development being indebted company. There are different opinions on investment amount of Murray Building, however HKD 4.4 billion was bidding price under desk, and it is believed will be more if under open bidding, while someone feels it expensive, but most find it is reasonable, pointed by Wu Haitian, concurrently the Chairman of Harbour Centre Development. He believed, the rate of return of cash is low currently, and they not only need return each year but also need appreciation, besides most listed companies have debts, which is not a bad thing, while the most important point is how to use the debts.
Shareholders who had experienced with four chairmen of Wheelock asked and expected Wu Zongquan to be the same success as former chairmen including Bao Yugang and his farther Wu Guangzheng, and Wu Zongquan said the company will certainly have promotion.
