July 9, 2014 / 9:57 AM / 3 years ago

Sun Hung Kai units win two sites in HK for $540 mln

HONG KONG, July 9 (Reuters) - 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 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 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

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