Chinachem Pays $210 Million for Hong Kong Land Amid Protests
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Hong Kong’s government today sold a residential site for more than surveyors’ estimates, at an auction interrupted by protesters demanding the government make housing more affordable.
Closely held Chinachem Group bought the site in Kowloon Tong district for HK$1.63 billion ($210 million), beating the HK$1.54 billion median estimate of five surveyors in a Bloomberg News survey. That equals HK$17,976 a square foot, according to Centaline Property Agency Ltd., breaking a record for the Kowloon Peninsula set by an adjacent site sold in August.