Shenzhen has sold three residential land plots for RMB1.66bn, 43% above the floor price, in an auction where Hong Kong-listed Hutchison Whampoa and China Overseas and Land Investment were outbid, the Standard of Hong Kong reported. The three sites, whose combined prices started at RMB1.16bn in the auction, were bought by Shenzhen-based Shenzhen Urban Construction, Shenzhen Horoy Industrial, and a privately-held Hong Kong company. Analysts said prices were boosted, in part, because the Shenzhen government plans to halt land sales this year, the newspaper said.
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