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Kerry Properties Pays HK$11.7 Billion for Hong Kong Land Site

Kerry Properties Ltd., the developer controlled by Malaysian billionaire Robert Kuok, paid HK$11.7 billion ($1.5 billion) for a residential property in Hong Kong.

The Hong Kong-based builder won the 1.13 million square-foot site in a tender, the government said in an e-mailed statement yesterday. The price paid was equivalent to about HK$10,200 a square foot, according to calculations by Centaline Property Agency Ltd., the city’s biggest closely held realtor.

The site was the first sold by the Hong Kong government since it imposed its toughest measures yet to curb home prices that have doubled since early 2009. Chief Executive Leung Chun-ying, who took over in July, on Feb. 22 doubled stamp duties on all property transactions that exceed HK$2 million and raised mortgage downpayment requirement on some purchases.

Cheung Kong Holdings Ltd., controlled by Hong Kong’s richest man Li Ka-shing, will cut prices of new apartments at one of its projects in the city by as much as 11 percent, it said last week.

Sun Hung Kai Properties Ltd., the world’s biggest developer, on Feb. 28 cut its home sales target for the fiscal year ending June by 8.6 percent to HK$32 billion. New World Development Co., controlled by billionaire Cheng Yu-tung, also lowered its sales target in response to the government curbs.

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