A Hong Kong government land auction fetched HK$2.96 billion (US$379 million) in a fierce bidding war by developers, highlighting recent optimism that property prices will continue to rebound after a six-year slide.
Two developers paid 73 percent and 84 percent, respectively, above the government's asking prices for two plots of suburban land at this week's real estate auction, the first in 20 months.
Hong Kong's property market has suffered over the past six years, plunging almost 70 percent from its peak. But figures in recent months have indicated prices are finally on the rebound.
Analysts said the return of big property developers to the government's land auction reflected their confident outlook on the market.
Cheung Kong Holdings Ltd, the flagship company of Asia's richest man, Li Ka-shing (
The 14,006m2 lot is the first residential site Li's company has bought in Hong Kong since October 2000.
K Wah International Holdings Ltd paid HK$865 million (US$110.9 million) for the second site -- 84 percent higher than the asking price and 47 percent above market evaluation -- for the 10,626m2 piece of property.
"So many developers have taken part in the auction this time," said Lui Chee-woo, K Wah's chairman. "Everyone is raising their hands as they all see good prospects in the property market."
The Hong Kong government held its last land auction in September 2002. It announced that November that land sales would be suspended to help stabilize sinking property prices.
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