Hong Kong residential plot sells within expected range

Vanke Overseas Investment Holding

17/05/2016 11:19

HONG KONG, May 17 (Reuters) - A residential plot in Hong 
Kong's outlying Tai Po district in the New Territories was sold 
by government tender to an unlisted developer within the 
market's expected price range on Tuesday. 
    The cost of land is closely monitored in Hong Kong, which 
has one of the most expensive property markets in the world.  
    The plot, on Chong San Road, sold for HK$4.02 billion  
($517.9 million) on a 50-year land grant, according to the Lands 
Department, within the HK$3.8 billion to HK$4.45 billion range 
forecast by three surveyors. 
    While recent tenders have recorded mixed results - both 
above and below estimates - Hong Kong home prices have posted 
steady declines. In March, they posted their sixth consecutive 
month of decline.  urn:newsml:reuters.com:*:nL3N17W2T3 
    Billion Real Estate Holdings Ltd unit, King Future Ltd, won 
the tender, beating listed developers including Vanke Property 
Overseas Ltd  1036.HK , Sun Hung Kai Properties Ltd  0016.HK  
and Cheung Kong Property Holdings Ltd  1113.HK .     
    The plot has an area of roughly 28,685 square metres and a 
maximum gross floor area of 103,266 square metres.     
    ($1 = 7.7620 Hong Kong dollars) 
 
 (Reporting by Joy Leung, Twinnie Siu and Clare Baldwin; Editing 
by Jacqueline Wong) 
 ((Clare.Baldwin@thomsonreuters.com; + 852 2843 6571; Reuters 
Messaging: clare.baldwin.thomsonreuters@reuters.net)) 
 
Keywords: HONGKONG LAND/TENDER