Hong Kong parking garage may fetch $2.2bn in 2017

Hong Kong's government has announced the first sale of commercial land in the city's central business district for more than 20 years.

The site, currently used as a multi-story car park in Murray Road, Central, is about 31,000 square feet, according to a government statement. The plot is valued at HK$15.8 billion to HK$17 billion ($2.2 billion), according to Vincent Cheung, Colliers International executive director of valuation and advisory for Asia.

It is the first commercial development site available in Central since 1996, Cheung said, and rents will set "a new indicator" for offices in the district.