Land Auction Yields US$7.82 Million

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Daniel McAtee at 202-238-6360
Melissa Ng / David Hsieh at 212-752-3320
Wing Yan Tong at 415-835-9315

May 5, 2009 - A government plot of land in Sheung Shui sold for HK$61 million (US$7.82 million) in the first land auction held by the Lands Department of the Hong Kong Special Administrative Region Government for the 2009-2010 financial year.

The lot, Fanling Sheung Shui Town Lot No. 225 at San Fung Avenue, Shek Wu Hui in Sheung Shui, was sold to Successful Properties Limited at HK$61 million (US$7.82 million), after an opening bid of HK$30 million (US$3.84 million). Fanling Sheung Shui Town Lot No. 225 has a site area of about 305.8 square meters (3,291 square-feet) and is designated for non-industrial (excluding godown and hotel) purposes. A minimum gross floor area of 716 square meters (7706 square-feet) must be completed.