【明報專訊】YESTERDAY at the auction of a piece of residential land in Kau To Shan, there was no competition at all. The site went for the opening bid of $5.5 billion. That shows developers are cautious about the market because the economic situation has worsened in other parts of the world and stock prices have plunged for days. However, there were special factors in the outcome of the auction, which does not accurately mirror supply and demand in the property market. When Financial Secretary John Tsang said land auctions would continue to take place, he did the right thing.