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Following is the transcript (English portion) of a media session by the Financial Secretary, Mr Henry Tang, after the close of the land auction this afternoon (October 12) at the West Wing Lobby, Central Government Offices:

Reporter: Mr Tang, can you comment on today's land sale? What you think it reflects?

Financial Secretary: The land sale today I think reflects that the market is bullish about the demand. It will reflect what they feel or what they are confident about future prices. I am pleased to see that this process is working well and there is an open and fair process for the market to determine the prices.

Reporter: Will the government reconsider putting more land on the application list?

Financial Secretary: There are still a few pieces of land remain on the application list. There are those who have made their views known to us that they wish to see more. But we would like to see more in the taking up of the (land in the) application list first.

(Please also refer to the Chinese portion of the transcript.)

Ends/Tuesday, October 12, 2004

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