Two attempts by a property developer to trigger the auction of a site from the government's application list - the first since last September - have been rejected due to low bidding prices. In a monthly report, the Lands Department said two applications for the lot at Shui Hang on Cheung Chau were rejected last month. A source close to the government said the two applications were made by the same developer, but the two successive bids were more than 20 per cent below the reserve price of about $900 per square foot for the site. The government has set an 80 per cent asking price rule for developers wanting to trigger the auction of land from the application list. The last auction, of three lots last September, added $10.1 billion to government coffers. A lukewarm response from developers has prompted calls for a revision of the administration's land-sale policy. Yu Kam-hung, vice-president of the Hong Kong Institute of Surveyors, said inaction on the part of developers showed they were not eager for land. 'The two attempts targeting one site at Cheung Chau ... cannot represent the interests of the developers ... The applicants want the site only when they can get it cheaply,' he said. 'Developers have many ways to acquire land, such as the two railway companies, the Urban Renewal Authority and private tenders. Meanwhile, property prices are rather stable - which means land prices will also be stable, meaning [developers] do not have to rush for land.' The site area is 1.03 hectares. The gross floor area will be between 2,491 and 4,152 square metres.