About 300 to 400 pre-sale buyers of Pearl Horizon flats will stop paying their mortgages to local banks, the Pearl Horizon Condominium Owners United Association announced yesterday in a press conference at the group’s office.
The Pearl Horizon residential project has been mothballed since the government decided late last year to axe the ill-fated project’s temporary land concession that had expired. The government has repeatedly said that the issue must be solved in strict adherence with the Land Law. The developer, Hong Kong-based Polytec, is suing the government over the matter.
A total of 3,020 Pearl Horizon flats have been pre-sold, according to the government.
Pearl Horizon Condominium Owners United Association President Kou Meng Pok (left) addresses yesterday’s press conference at the association’s office as lawmaker Si Ka Lon looks on. Photo: Debby Seng
