Sun Hung Kai unit wins HK residential site for $236 mln, below estimate

HONG KONG, March 25 Tue Mar 25, 2014 5:54am EDT

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HONG KONG, March 25 (Reuters) - Hong Kong developer Sun Hung Kai Properties Ltd's unit, Good Assets Ltd, won an auction for a residential site in the city for HK$1.83 billion ($235.89 million), the government said on Tuesday.

Sun Hung Kai outbid 10 bids from Hong Kong and Chinese developers, including tycoon Li Ka-shing's Cheung Kong (Holdings) Ltd, and a consortium comprising Henderson Land Development Co Ltd and New World Development Co Ltd, for the residential site in Shatin in the New Territories.

The city's leading Centaline Property Agency had forecast that the 3.7 hectares site could fetch HK$1.94 billion.

A unit from Fame State Investments Ltd also won a bid for a smaller residential site in Peng Chau island for HK$21 million ($2.71 million), the government said. It gave no further details of the bidder.

Earlier this month, the government withdrew a luxury residential site at an auction after developers' offers fell short of the government's reserve price. ($1 = 7.7579 Hong Kong Dollars) (Reporting By Yimou Lee and Twinnie Siu; Editing by Himani Sarkar)

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