Four fast food stalls at Victoria Park's annual Lunar New Year fair were auctioned off on Tuesday for a total of more than HK$600,000 with authorities saying the result reflected the current market sentiment.

Bidding for the stalls – one of which would have cost more than HK$500,000 before the Covid pandemic – saw two of the successful offers reaching the base price of HK$124,700. The amount for the most expensive stall reached HK$182,000, while the fourth stall was sold at HK$2,000 less than that amount.

The Food and Environmental Hygiene Department, which is in charge of the auction, said the prices reflected the current market situation.

The top bidder, surnamed Ng, said there were just a handful of bidders this time around, compared to more than a dozen in the preceding year.

"I will probably earn less of a profit compared to last year. But it's still worth a shot," he told reporters.

"The bidding was less competitive because I know some fellow snack sellers are having a tough time making a living out there. So they didn't join the bidding."

A florist who successfully acquired a stall at the fair also thought the competition for flower stalls was not too fierce, because some sellers ended up with a lot of unsold stock last year.

Auctions for other stalls, including those for dry goods, will be held in the next two days.

The fair will feature nearly 400 stalls at Victoria Park for a week starting from January 23.