HONG KONG, July 9 Units of Hong Kong's largest
developer Sun Hung Kai Properties won two residential
sites in the city for HK$4.19 billion ($540.67 million), the
government said on Wednesday.
One Sun Hung Kai Properties unit outbid three other
developers, including Henderson Land Development Company Ltd
and Sino Land Company Ltd, to build
residential buildings for HK$2.2 billion in the Tin Shui Wai
area of Hong Kong's New Territories district.
Two analysts had given separate forecasts of HK$2.3 billion
and HK$3.3 billion for the site, which covers 75,500 square
meters (812,675 square feet).
Another unit from the company also won a separate auction,
which attracted a total of four bids, for a smaller residential
site in the same district for HK$1.96 billion, according to
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 nearly 120 percent since 2008 in one of the world's
most expensive property markets.
($1 = 7.7496 Hong Kong dollars)
(Reporting By Yimou Lee; Editing by Matt Driskill)