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Vincord wins auction for HK$3.9 bln site in Hong Kong, lagging estimates
August 13, 2014 / 10:04 AM / 3 years ago

Vincord wins auction for HK$3.9 bln site in Hong Kong, lagging estimates

HONG KONG, August 13 (Reuters) - Hong Kong’s Vincord Ltd won an auction for a residential and commercial site in the city worth HK$3.94 billion ($508.3 million), the government said on Wednesday.

Vincord outbid other Hong Kong developers, including billionaire Li Ka-shing’s Cheung Kong Holdings, Sun Hung Kai Properties and New World Development , to build residential and commercial buildings in the Tsuen Wan area of Hong Kong’s New Territories district.

A Reuters poll of five analysts gave a forecast of HK$5.17 billion for the site of 1.4 hectares.

Separately, New Rich Investments Ltd won an auction for a smaller residential site in the Sha Tin area of the New Territories for HK$428 million, according to government data.

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 more than 120 percent since 2008 in one of the world’s most expensive property markets. (1 US dollar = 7.7510 Hong Kong dollar) (Reporting By Yimou Lee and Twinnie Siu; Editing by Anne Marie Roantree)

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