- CNTV English - CCTV News

Homepage > News > Biz >

Residential land sold cheaper than expected in HK

05-12-2010 08:45 BJT

HONG KONG, May 11 (Xinhua) -- A 26,200-square-meter residential site in Hong Kong has been sold at a government land auction for 3. 42 billion HK dollars (440.7 million US dollars) on Tuesday, just 18.9 percent higher than the initial bidding price.

Analysts had expected the waterfront lot to fetch at least 4 billion HK dollars.

The land auction, designated for non-industrial purposes, was the first of the 2010-2011 fiscal year in Hong Kong.

Only three bidders participated in the auction, and the winner Nan Fung, an important property developer in Hong Kong, had to keep bidding against itself to reach the government's reserve price.

In recent months, the Hong Kong government has taken measures aimed at reining in soaring residential property prices, which jumped roughly 30 percent last year.

It was believed that lower-than-expected winning bid in the land auction was partly due to the effectiveness of the government 's measures. (1 US dollar is equivalent to 7.76 HK dollars)

Editor:Zhang Jingya |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program