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Hong Kong government withdraws site from auction, says bids not high enough

Hong Kong's Land Department withdrew its tender of a commercial site on the runway of Hong Kong's former airport, saying the five bids it received did not meet the reserve price for the plot.

Failed bidders comprised subsidiaries of Sun Hung Kai Properties Ltd., CK Asset Holdings Ltd., Chinese Estates Holdings Ltd., Sino Land Co. Ltd. and Great Eagle Holdings Ltd., the government said in a Sept. 25 statement.

It was the second time the government tried to sell the land, called New Kowloon Inland Lot No. 6546 at Kai Tak Area 4C Site 4. Goldin Financial Holdings Ltd. acquired the 10,692-square-meter plot for HK$11.12 billion in May, but withdrew its bid in mid-June citing social instability.