Pursuits

Billionaire Li Ka-Shing Is Getting Back Into Hong Kong Housing Market

Billionaire’s property unit pays $251 million for Sha Tin site
Hong Kong developers have been outbid by mainland rivals

1469510413_hong kong luxury apartment — Photographer: Dale de la Rey/AFP via Getty Images

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By Prudence Ho and Lisa Pham

September 14, 2016 at 10:15 AM UTC

Updated on

September 15, 2016 at 7:52 AM UTC

This article is for subscribers only.

Billionaire Li Ka-shing is getting back into Hong Kong’s housing market, with his property unit buying its first plot of residential land from the government in four years.

Li’s Cheung Kong Property Holdings Ltd. will pay HK$1.95 billion ($251 million) for the New Territories site, the Hong Kong Lands Department said in a statement Wednesday. Designated for private residential purposes, the site has a maximum gross floor area of 22,676 square meters.