One bidder said: 'It will be a very risky investment if we follow the MTRC's instructions to submit the bid.' The five consortiums comprise at least 14 of Hong Kong's leading developers.

Under the tender document, MTRC would allow winning bidders to withdraw if they considered the land premium asked by the Government excessive.

But that option would only be valid if independent expert valuation is less than 80 per cent of the Government's assessment.

Developers complained that the range was too large and would limit developers' ability to drop-out if the project ended up too costly.

A couple of consortiums added their own clauses to their bids, aiming to give themselves better protection against being lumbered with an unviable project of such a huge scale.

While unhappy with the tendering process, bidding was still strong. It overshadowed three Government site tenders that also closed yesterday and which drew only a relatively modest response.

Most bidders for the Central station site left it to the last minute. This ploy has become the norm to keep competitors in the dark.

Among those submitting tenders on the closing day were a consortium comprising Hang Lung Development, Hysan Development and New World Development and one led by Cheung Kong (Holdings) and Hutchison Whampoa.

Two consortiums submitted spectacular models to the MTRC to illustrate their development proposals.

Grace Woo, chief manager of property investment and valuation, said Cheung Kong and Hutchison together had more than 50 per cent shares in their consortium. It is understood that Citic Pacific is also a significant partner in the consortium.

Hongkong Land (Holdings) was also making a tender. The company would not specify its partners in the process.

Sino Land Co and Great Eagle (Holdings) led a fourth consortium that had a strong Singapore flavour. Sino and Great Eagle said they together had more than 50 per cent interest in the consortium.

The Government of Singapore Investment Corp (GSIC) took 15 per cent interest in Sino's consortium, while Manhattan Garments (International) and City Developments Limited (CDL) of Singapore each took a 10 per cent interest.

The remaining 5 per cent was owned by Nan Fung Development.

This is the first time GSIC and CDL have ventured into the speculative Hong Kong property world.

A fifth consortium in the running included Sun Hung Kai Properties (SHKP), Henderson Land Development and its sister company, Hong Kong and China Gas Co, and Bank of China Group.

SHKP owns a 40 per cent interest in the consortium, while the Henderson group owned a similar portion of shares, with the balance going to the Bank of China.

Some of the same developers also took part in the Lands Department's tenders for three residential-related Letter B sites in the New Territories.

SHKP, Sino Land and Henderson Land all confirmed they had submitted bids before yesterday's deadline.

SHKP and Henderson said they had made separate bids for all of the three sites: a 277,877 sq ft residential site in Ma On Shan and two neighbouring commercial-residential lots in Fanling - a 86,080 sq ft lot and a 227,681 sq ft lot.

Both developers are holders of Letter B land exchange entitlements, but they said they were cash bidding the sites.

A Sino spokesman said the group formed a consortium with the Ng family and other parties to bid for the smaller site in Fanling, which lies next to the company's new Avon Park development.

Sino and the Ng family each owned 40 per cent in the coalition, he said.

The spokesman said Sino had a minor interest in the two consortiums bidding for the large Fanling site and the Ma On Shan site.

Sui Chong Holdings, an active contractor in the private sector participation scheme (PSPS) subsidised housing project, was said to have submitted bids for the two Fanling sites.

A consortium formed by a Singapore company and a Hong Kong-listed firm was also said to have emerged as a bidder for the Ma On Shan site.

Nan Fung Development, which had been tipped as a potential bidder, shunned the Government tenders.