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Hong Kong Govt Sell Three Lots of Land for 788.5 Mln HKD
Three government lots were sold for a total of 788.5 million HK dollars (101 million U.S. dollars) at a public auction held by the Lands Department of Hong Kong Tuesday afternoon.
The government sold the Hung Hom site for 655 million HK dollars (83.9 million U.S. dollars), below market expectations between 780 million HK dollars (100 million U.S. dollars) to 914 million HK dollars (117.2 million U.S. dollars).
The second plot of land, a residential site located at the Piper's Hill, was sold at higher-than-expected 110 million HK dollars (14.1 million U.S. dollars).
The third and last plot of land was sold at 23.5 million HK dollars (3 million U.S. dollars), slightly below market expectations.
The Lands Department regarded the auction results as satisfactory. The successful sale of all three plots of land reflected that developers are still interested in auctioning for new sites.
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