Criticism of sales rejected

Claims that government land was sold below market prices were dismissed by the Secretary for Planning, Environment and Lands yesterday.

Responding to criticism over the recent sale by tender of two sites, in Ma On Shan and Canton Road, Bowen Leung Po-wing said tendering was the way to get the best price in a quiet market.

'We won't accept any tender price that comes in. We would check against each tender to see if it reflects the market values,' he said.

The Government sold the 86,112-square-foot Ma On Shan site for $120 million.

Mr Leung said media reports that the site, with accommodation floor space of 620,000 square feet, had sold for $200 per square foot were misleading, as a hotel site's value was not calculated that way.