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HONG KONG — Hong Kong's government sold a prime residential site to unlisted Chinachem Group at an auction Wednesday for HK$2. 17 billion (US$280 million), short of market expectations as developers expressed concern about new rules governing a flat's saleable gross floor area.

Chinachem Buys Another Hong Kong Site Kate O'Keeffe 2010

But the result has been that modern residential developments in the city often include massive clubhouses and common areas that can inflate a flat's saleable gross floor area.

Chinachem Buys Another Hong Kong Site Kate O'Keeffe 2010

Not counting the outdoor space, this flat's asking price is about HK$18,000 a square foot.

Outdoor Living 2011

The government has been allowing a portion of the area covered by a development's green and amenity features to be included in a flat's floor area, with the goal of encouraging such features and so enhancing the living environment.

Chinachem Buys Another Hong Kong Site Kate O'Keeffe 2010

Rooftop space generally adds about 10% to a flat's value, said Centaline's Ms. Lai, though it varies with the size and quality of the space.

Outdoor Living 2011

"We have suffered enough, I cannot pay for my flat's rent and my medical bills," she said.

Jordanians Call for Dissolution of Parliament Hassan Hafidh 2011

The show flat's living room ceiling is about 20 feet high, said broker Jane Tse, of Hong Kong Homes.

Renting Luxury (For a Price) 2011

The bug had been planted by police, and it shows the flat's living room and kitchen.

Stephen Lawrence murder trial: the race hate caught on police camera 2011

He speaks to them from behind the closed door of the room we have fashioned into an office, on the flat's third and final floor.

History Isabell Serafin 2011

This flat's asking price comes to HK$11,000 a square foot.

A Modern Makeover 2011