Land Auctions Reflect Improved Sentiment

May 2004 | Market Strategy

Hong Kong's first government land auctions in almost two years attracted very strong demand for the two sites on offer, indicating improved sentiment towards the property sector. Cheung Kong (Holdings) Ltd won the bid for the larger tract at suburban Ma On Shan, with an offer of HKD2.09bn, which was 63% higher than an early bid of HKD1.28bn. The second and smaller tract, in suburban Sha Tin, was purchased by K. Wah International for the sum of HKD865mn, which was 82% above an early bid of HKD475mn. A third plot will be sold in June, providing property developers with another

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