February 25, 2014 / 9:31 AM / 4 years ago

Hong Kong land auction fetches $1.3 bln for three residential sites

HONG KONG, Feb 25 (Reuters) - A Hong Kong government land auction of three residential sites fetched a total of HK$9.8 billion ($1.3 billion), the government said on Tuesday.

The land sales, a barometer of developers’ long-term confidence in the housing market, received 25 bids from Hong Kong and Chinese developers, according to Hong Kong’s land authority.

A unit of Hong Kong-listed Poly Property won one site for HK$3.92 billion, while a subsidiary of K Wah International bid HK$2.94 billion for another parcel. The third piece of land was awarded to a unit of unlisted K&K Property Holdings Ltd for HK$2.91 billion.

The residential sites were the second opened for tender in the Kai Tak development area of Hong Kong’s Kowloon district, after China Overseas Land & Investment Ltd won the first tender last June with a higher-than-expected bid of HK$4.54 billion

The land sales 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 = 7.7598 Hong Kong dollars Reporting By Yimou Lee; Editing by Anne Marie Roantree

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