Sep
14

Cheung Kong Property to Pay $251 Million for Hong Kong Site

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  • Developer was bidding against Wheelock, Vanke, Sun Hung Kai
  • Property is in a part of Sha Tin known for luxury homes

Cheung Kong Property Holdings Ltd. will pay HK$1.95 billion ($251 million) for a Hong Kong site in an area known for luxury homes.

Designated for private residential purposes, the site in Sha Tin, New Territories, has a maximum gross floor area of 22,676 square meters, according to a statement from the Hong Kong Lands Department on Wednesday. The land is in Lai Ping Road, Kau To Shan.

The winning bid from a major Hong Kong developer comes after smaller players and mainland Chinese companies have been snapping up sites in the city over the past year. Other bidders included Wheelock Properties Ltd., Vanke Property (Overseas) Ltd. and Sun Hung Kai Properties Ltd., according to the government statement…

Cheung Kong Property to Pay $251 Million for Hong Kong Site

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