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Two government lots were sold for a total of HK$422 million (US$54.1 million) at a public auction held by the Lands Department of the Hong Kong Special Administrative Region Monday afternoon.
The first lot, located at North Point on Hong Kong Island, was sold at 310 million HK dollars (39.7 million dollars). The second lot in Sha Tin, the New Territories, was sold at 112 million HK dollars (14.4 million dollars).
Cheung Kong's deputy chairman Victor Li said developers participated actively in the North Point and Sha Tin land auctions, a reflection they are upbeat on the outlook of the local property market.
Stephan Spurr, general manager of Swire Pacific's property unit Swire Properties, said the results of Monday's land auction have a positive effect on the development of the local property market.
Meanwhile, he said the property market will face further consolidation and it is difficult to predict when the consolidation will end.
(People's Daily June 18, 2002)
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