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Hong Kong auctions land, price above forecasts

HONG KONG: Hong Kong on Tuesday, June 8, auctioned a piece of land for HK$10.9 billion ($4.66 billion), beating expectations and fuelling concern that the island's property market could still face overheating despite government measures.

The government received an opening bid of HK$6.8 billion in its third land auction this year, after selling prices for the previous two fell short of expectations.

Analysts had expected the site, located in the Ho Man Tin district of Kowloon peninsula, to sell for HK$8.664 billion. The site has an area of 173,849 sq ft and offers a gross floor area of 869,247 sq ft. -- Reuters
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