The latest global credit turmoil and the Hong Kong government's stated intention to crack down on property speculation might put the brakes on bidding at tomorrow's government land sale, say some analysts.

Up for auction is a 282,000 square feet waterfront residential site in Tung Chung on Lantau Island that was expected before the latest global financial crisis to fetch as much as HK$4.75bn.

But some analysts have revised their expectations downwards in the wake of the fresh blow to investor confidence caused by the debt crisis in Greece, as well as the decline in sales volume in response to government plan to end rampant property speculation, and alternative and lower-risk sites up for sale.

South China Morning Post