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Land Auction in HK Yields HK$344 M For Govt Revenue
Two government lots were sold for a total of HK$344 million (US$44.1 million) at a public auction held by the Lands Department of the Hong Kong Special Administrative Region (SAR) Monday afternoon.
The first lot, with an area of 1,420.6 square meters, was sold at HK$251 million (US$32.2 million), compared to the opening bid of 230 million HK dollars (US$29.5 million).
The second one was sold at HK$93 million (US$11.9 million) for an area of 22,973 square meters. The opening bid was HK$80 million (US$10.3 million).
Market analysts said the results of the auction were almost the same as expected and the land sale would help maintain a stable property market.
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