(Yicai Global) Dec. 26 -- Hong Kong's real estate market is thriving this year, with land sales of nearly HKD130 billion (USD16.6 billion) reaching a new high, and four top bidders on commercial and residential lots spending over HKD10 billion each this year alone, Hong Kong's Ta Kung Pao news reported today.

The special administrative region's government sold a small amount of land this year, with only 16 plots released as of Dec. 22 -- the least in seven years -- yet revenue from land sales has exceeded last year's record HKD84 billion, generating annual revenues of over HKD127 billion.

Keen competition from real estate developers has mainly driven this outcome, as Hong Kong's government introduced several top-dollar downtown lots, enticing the four land barons to each spend over HKD10 billion bidding on the two commercial and two residential properties in one year for the first time. The two residential tracts both cost about HKD17 billion, while the prices of the two commercial properties were nearly HKD23 billion and over HKD246 billion, respectively.

The revenue contributed by the four bidders alone exceeded HKD82 billion, accounting for 64 percent of total revenue, almost equal to the income from land sales last year.