HONG KONG-Officials in Hong Kong have auctioned off a piece ofland for a record HK$10.4 billion ($1.3 billion). This deal is thethird most costly deal in Hong Kong. The bid was won by a privatelyowned firm, Nan Fung Group.

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The site is located at Mount Nicholson Road in the Peakdistrict, and an opening bid was offered for HK$8 billion. In June,the government had auctioned off a plot of land for HK$10.9 billionin Kowloon. For the full story, go to Reuters.

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