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Updated Wednesday, September 1, 2010 11:22 pm TWN, AFP

HK land auction beats estimates in hot market

HONG KONG -- A Hong Kong developer paid US$165 million for a plot of prime residential land in the city's Kowloon district Tuesday, defying government efforts to rein in property prices.

Kerry Properties snapped up the luxury residential site at 1 Ede Road for HK$1.28 billion, well above estimates that ranged between HK$868 million and 1.09 billion pounds.

The site, which measures 2,400 square meters (25,800 square feet), sold for almost double the opening bid.

The sale also set a per-square-foot record for Kowloon, Dow Jones Newswires reported.

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