The Lands Department rejected six attempts to trigger sales of three residential sites last month, reflecting that the government still commands high land prices despite softened home prices.
Four bids were received last month for a residential site at Chung Hua Street in Ho Man Tin and one bid each for another Ho Man Tin plot and a Yuen Long site on the government's application list.
All were rejected as the submitted prices failed to meet the minimum 80 per cent of the government's reserve price for the sites.
The three sites were worth about HK$5.11 billion, said Alnwick Chan Chi-hing, executive director at Knight Frank.
'It shows developers who lack land bank are keen to refill through the application list system,' Mr Chan said.
'However, the government is strict on the asking price of the sites even though prices of mass residential flats have softened.'