AFTER months of speculation, the panel reviewing procedures at government land auctions released its final report. The main recommendation of the panel was that large plots of land be divided into smaller lots, allowing smaller developers to take part in the auction and thus create greater competition. It also recommended more land be sold through sealed tender. PERMISSION to convert the Victoria Hotel into office space was sought, making this the latest in a list of hotels lost. Located in Shun Tak Centre in Sheung Wan, the converted hotel would realise 700,000 sq ft for prime office and retail space, making the value of the commercial block about $10 billion on current market estimates. INDESEN Industries received $77 million from sale of its four 25th floor office units in Shun Tak Centre, according to Sing Pao. IT was announced that the Diamond Hill Plaza shopping mall would begin leasing space on November 22, with rents ranging from $60 to $200 per square foot. INCREASED prices and a greater number of flats being released supported suggestions of an improvement in market sentiment. Sino Group and Hopewell Holdings were positive about upcoming sales of additional units in Classical Gardens and Broadwood Villas. FUNG Cheung, chairman of construction firm Fung Cheung Kee Holdings, was charged by the Independent Commission Against Corruption with two offences under the Prevention of Bribery Ordinance. At the time of the charging, the company had $1 billion worth of orders. TONY Eason, Secretary for Planning, Environment and Lands, said there was no need at this stage for the Government to intervene in the office property market to restrain prices. Evidence of tenant resistance to price increases highlighted findings that rentals were beginning to decrease. SIR Run Run Shaw has teamed up with the Duke of Westminster and property agency Healey & Baker to set up Marlin Land, an exclusive fee-based property consultancy, aimed at providing 'one-stop shop' property advice to multinationals. SALE of 80 units in the fourth phase of Hutchison Whampoa's South Horizons was announced. No fixed sale price had been decided. Analysts believed the results would gauge market sentiment, according to the Hong Kong Economic Times. WAKIN Enterprises purchased two shops in Cheung Kong (Holdings) Concordia Plaza in Tsim Sha Tsui for $59.85 million, at an average $14,004 per sq ft, according to the Economic Journal.