Friday's tender of a huge government residential site in Shau Kei Wan may fall victim to market uncertainty arising from the turmoil in Indonesia, analysts say.
They predict the site will fetch a conservative price of $2 billion.
The analysts said Indonesia's civil strife, combined with the weakened state of Hong Kong's property sector, would further tighten bank credit on real estate properties.
DBS property analyst Winnie Chiu said it was possible bank finance would tighten as a result of the worsening crisis in Jakarta.
'The site may be affected by all the negative news,' she said.
Ms Chiu expected the site would fetch between $1.9 billion and $2 billion, or an accommodation value of $2,500 to $2,800 per square foot.
Tenders for the 75,950 sq ft site in the Aldrich Bay reclamation area will close at noon on Friday.