Plot of commercial land at Kai Tak, Hong Kong’s former airport, withdrawn from government tender after failing to attract high enough bids
- The government has rejected all five bids received for the purchase of Area 4C Site 4 at Kai Tak
- The apparent lack of appetite for the site comes as the crippling social unrest engulfing Hong Kong enters a 17th week and shows no sign of abating
A plot of commercial land on the runway of Hong Kong’s former international airport has been withdrawn from sale after it failed to attract a high enough bid, the Lands Department said on Wednesday.
The government has rejected all five bids received for Area 4C Site 4 at Kai Tak because “the tendered premiums did not meet the government’s reserve price for the site,” the authority said.
The waterfront site with a gross floor area of 863,000 square feet is earmarked for development of a hotel, offices and shopping centres.
The Lands Department said in a statement that it would not speculate about why the bids from CK Asset Holdings, Chinese Estates Holdings, Great Eagle Holdings, Sun Hung Kai Properties and Sino Land had fallen short.
But the apparent lack of appetite for the site comes as the crippling social unrest that has engulfed Hong Kong, devastating tourist numbers and tarnishing its global reputation, enters a 17th week and shows no sign of abating.