HONG KONG, Sept 3 Hong Kong developer Henderson
Land Development won an auction for a commercial site worth
HK$4.7 billion ($605 million), the government said on Wednesday.
Smart Bright Development Ltd, unit of Henderson Land, beat
17 bids from other Hong Kong and Chinese developers, including
Cheung Kong (Holdings) Ltd, Sun Hung Kai Properties
Ltd, New World Development Company Ltd and
Emperor International Holdings Ltd, to build office
and hotel buildings in the heart of Hong Kong's shopping
district of Tsim Sha Tsui.
A Reuters poll of three analysts gave a forecast of HK$4.51
billion, HK$3.4 billion and HK$3.4 billion for the site of 0.26
The land sales, a barometer of developers' long-term
confidence in the housing market, are part of the government's
plan to tackle a housing shortage and rising home prices, which
have jumped more than 120 percent since 2008 in one of the
world's most expensive property markets.
(1 US dollar = 7.7503 Hong Kong dollar)
(Reporting By Yimou Lee and Twinnie Siu; Editing by Anne Marie