<p><font size="2">中银国际-房地产行业更新报告</font></p>
<p><font size="2">0314-English 2页</font></p>

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<p><font size="2">Good response from developers on three Tai Po sites. The<br>first land auction in Hong Kong for 2007 met with an overwhelming<br>response from developers. There were eight bidders for the Tai Po<br>Town Lot (TPTL) 187 Pak Shek Kok Site A, four for the TPTL 188 Pak<br>Shek Kok Site C and seven for the Plover Cove Road site. Nan Fung<br>Development, K.Wah International (0173.HK/HK$2.96, NR),<br>Chinachem Group, Henderson Land (0012.HK/HK$43.45, U), New<br>World Development (0017.HK/HK$18.50, MP), Sino Land (0083.HK/<br>HK$16.74, OP), Hang Lung Properties (0101.HK/HK$21.55, OP) and<br>Wheelock Properties (0049.HK/HK$7.73, NR) were among the<br>bidders. The Pak Shek</font></p>