March 19 (Bloomberg) -- SmarTone Telecommunications Holdings Ltd., the wireless carrier controlled by Hong Kong’s biggest property company, said it’s the provisional winner for radio spectrum to provide wireless broadband in the city.
SmarTone, controlled by Sun Hung Kai Properties Ltd., will pay a utilization fee of HK$640 million ($82.5 million) and must post a performance bond of HK$100 million for the spectrum, which it will use for a 15-year term, the company said in a statement to the Hong Kong stock exchange today.
The spectrum will allow SmarTone to expand data capacity and improve peak data speed, the company said. Four mobile network operators successfully bid for a total of 50 MHz of radio spectrum for a total sum of spectrum utilization fees of HK$1.54 billion, the city’s government said today in a separate statement.
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