September 3, 2014 / 9:16 AM / 3 years ago

Henderson Land wins auction for HK$4.7 bln commercial site in Hong Kong

HONG KONG, Sept 3 (Reuters) - 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 hectares, respectively.

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 Roantree)

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