HONG KONG, May 14 (Reuters) - A consortium of three developers won an auction for a residential site worth HK$2.7 billion ($349.6 million) in Hong Kong, the government said on Wednesday.
Emperor International Holdings Ltd, Mingfa Group International and Smart Launch Ltd outbid developers such as Cheung Kong (Holdings) Ltd, Sun Hung Kai Properties Ltd and Kerry Properties Ltd to build residential buildings in the southern district of Hong Kong Island.
Three analysts gave a forecast of HK$3.3 billion, HK$2.6 billion and HK$3.06 billion, respectively, for the site of 1.08 hectares.
The land sales, a barometer of developers' long-term confidence in the housing market, are part of the government's plan to tackle a housing shortage and rising home prices, which have jumped nearly 120 percent since 2008 in one of the world's most expensive property markets.
$1 = 7.7517 Hong Kong Dollars Reporting By Yimou Lee; Editing by Anne Marie Roantree