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CSI Properties unit wins HK$427 mln HK residential site
August 20, 2014 / 9:47 AM / 3 years ago

CSI Properties unit wins HK$427 mln HK residential site

HONG KONG, August x (Reuters) - An unit of developer CSI Properties Ltd won an auction for a residential site in Hong Kong worth HK$427.1 million ($55.11 million), the government said on Wednesday.

The unit outbid 26 other developers including Sino Land Co Ltd and Far East Consortium International Ltd , to build residential buildings in the Tuen Mun area of Hong Kong’s New Territories district.

A Reuters poll of four analysts gave a forecast of HK$295 million for the site of 0.12 hectares.

Separately, Treasure Mega Ltd won an auction, which attracted 24 bids, for a smaller residential site in the Tuen Mun area of Hong Kong’s New Territories district for HK$156 million, according to government data.

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 = 7.7505 Hong Kong dollars Reporting By Yimou Lee; Editing by Matt Driskill

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