Hong Kong holds third land auction this year

HONG KONG: Hong Kong received on Tuesday, June 8 an opening bid of HK$6.8 billion (US$871.4 million) in its third land auction this year, after the selling prices of the previous two fell short of expectations.

Analysts expect the land, located in the Ho Man Tin district in the Kowloon peninsula, to be sold at HK$8.664 billion. The size of the land is 173,849 square feet, or 16,151 square metres, and offers a gross floor area of 869,247 square feet.

The government sold two pieces of land this year at prices that were lower than forecasts, fuelling expectations that the bubble threat might have eased. — Reuters