Pursuits
Minmetals Land Pays $515 Million for Hong Kong Kowloon Site
- Chinese developer outbids Sun Hung Kai Properties, Sino Land
- Site near cement factory sells for almost twice estimates
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Minmetals Land Ltd., a Chinese developer, outbid Hong Kong giants Sun Hung Kai Properties Ltd. and Sino Land Co. with an HK$4 billion ($515 million) offer for land in the territory’s Kowloon district.
The price works out to about HK$7,058 per square foot of saleable area, according to calculations by Bloomberg News based on figures released by the Hong Kong Lands Department on Wednesday. That is almost twice the valuations some industry experts had placed on the site, which is located in the industrial area of Yau Tong.