Land Auction Good Start for New Fiscal Year: HK Official

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Last updated at: (Beijing Time) Wednesday, April 17, 2002

Land Auction Good Start for New Fiscal Year: HK Official

Hong Kong's Financial Secretary Antony Leung expressed satisfaction Tuesday over Monday's success in land auction.

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Hong Kong's Financial Secretary Antony Leung expressed satisfaction Tuesday over Monday's success in land auction.

"The land sales yesterday were pretty good both in terms of the price as well as the mood of the participants. I believe it reflects the market situation particularly in the (recent) secondary market," Leung said in a government gazette.

"Whether this fiscal year we will be collecting more than what we have budgeted, it is too early to tell because after all this is just the beginning of the financial year. As you know, we have targeted an amount that is reasonable and yesterday was a very good start," said Leung.

The Hong Kong government earned 2.97 billion HK dollars (381 million U.S. dollars) Monday by auctioning four lots, meeting the higher end of the market expectation from 2.4 billion to 3 billion HK dollars.

This is the first auction held in the 2002-2003 fiscal year and has been expected to show the trend of the property market this year.

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