HK luxury land plot sold for less than forecast
HONG KONG • The sale of a plot of land on the exclusive southern side of Hong Kong Island fetched less than what most analysts had expected.
The 25,300 sq m plot on Wong Ma Kok Road in Stanley was sold to K&K Property Holdings subsidiary K Wise for HK$2.81 billion (S$498 million) on a 50-year land grant, the Lands Department said. Midland Surveyors had expected it to fetch HK$4.52 billion and Icon City Group, HK$3.8 billion.
Porsche to pay 20,000 staff higher bonus
BERLIN • Porsche said yesterday it would pay workers a higher bonus for 2015 despite the emissions test-rigging scandal at parent Volkswagen (VW) that has sparked cost reductions across the group. Porsche, the second-biggest contributor to group profit among VW brands, will pay almost 20,000 staff at plants in the German cities of Stuttgart and Leipzig a bonus of up to €8,911 (S$13,645) each, up from €8,600 a year earlier.
Porsche chief executive Oliver Blume said workers deserved the higher payout for helping the sports-car maker "achieve an exceptional result in an environment that was anything but easy".