The site, with gross floor area of 940,000 square feet, was expected to be sold for HK$3.38 billion, according to a Bloomberg News survey of three surveyors. The site drew a total of seven tenders, the government said in a statement yesterday.

Kerry will designate the Tuen Mun site for the development of a “premium residential project,” it said in an e-mailed statement yesterday.

Hong Kong, in January, recorded the second-lowest number of home transactions since the government began collecting the figures in 1996 because of rising borrowing costs, extra transaction taxes and higher down-payment requirements. Home prices, which have surged more than 70 percent since early 2009, have fallen 6 percent since June.

The city will continue with measures to maintain stable home prices, Financial Secretary John Tsang said in his annual budget speech on Feb. 1. The government is “determined” to increase land supply and will make available at least 47 residential sites for auction and tender in the next fiscal year, Tsang said. The sites will provide about 13,500 homes, he said.

The Hang Seng Property Index, which tracks the city’s seven-biggest developers including Sun Hung Kai Properties Ltd. and billionaire Li Ka-shing’s Cheung Kong Holdings Ltd., fell 24 percent in 2011, after gaining more than 75 percent over the previous two years. The gauge has climbed 16 percent this year.

To contact the reporters on this story: Kelvin Wong in Hong Kong at kwong40@bloomberg.net; Marco Lui in Hong Kong at mlui11@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

http://www.bloomberg.com/news/2012-02-09/hong-kong-sells-tuen-mun-site-to-kerry-for-hk-2-7-billion-government-says.html

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