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Kerry Properties to Pay $940 Million for Hong Kong Land Site

  • Price is most paid for government land since March 2013
  • Kerry outbid Cheung Kong Property and Sun Hung Kai Properties
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Kerry Properties Ltd. outbid Hong Kong giants Cheung Kong Property Holdings Ltd. and Sun Hung Kai Properties Ltd. with a HK$7.3 billion ($940 million) offer for government land in the territory’s Kowloon district, the highest price in three-and-a-half years.

The price works out to about HK$21,206 per square foot of saleable area, according to calculations by Bloomberg News based on figures released by the Hong Kong Lands Department on Wednesday. It’s the most that a piece of land has fetched in a government sale since March 2013, when Kerry Properties paid HK$11.7 billion for a parcel in the Ho Man Tin district of Kowloon.