Hong Kong auction oddity: 37 court-ordered properties for sale, including a 60 sq ft space with a reserve price of US$128

A 60 square foot industrial space in Fanling will be auctioned off at the ultra-low starting price of HK$1,000, among a batch of 37 industrial properties in adjacent buildings set to go under the hammer as part of a court-ordered sale on Wednesday.

The company overseeing the property sale, C S Auctioneers, said the tiny industrial space will be auctioned without a reserve price, meaning that it will go to the highest bid above the HK$1,000 (US$127.77) threshold, or HK$16 per sq ft.

“Anyone who can afford the HK$1,000 can come to make an offer,” said Alger Cheng, general manager of auction department at C S Auctioneers. “The buyer can use it for whatever the space suits.”

The tiny industrial use space is located next to the atrium on the ground floor of Hong Leong Plaza, an industrial building in Fanling in the New Territories.

Thirty-seven properties, all court-ordered properties, will be auctioned off on Wednesday including storehouse, car parks and other industrial units of the building for bid next week. All properties are from two buildings in Fanling.

“I think it is impossible to get some space for this price. It is just a gimmick to attract investors,” said Stanley Chau, regional director at the

commercial and industrial arm of Midland Realty. “The market has been quiet and who would put extra money in such a remote area at this moment when everyone is getting cold feet.”