Chinese Group to Pay Record $2.2 Billion for Hong Kong Land
- Beats 13 other bidders in government sale of Ap Lei Chau site
- Purchase price works out to about HK$22,100 per square foot
Ap Lei Chau island
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Two mainland Chinese companies outbid Hong Kong’s largest developers with a HK$16.9 billion ($2.2 billion) offer for a rare residential waterfront site, the highest price ever posted in a government land sale.
Logan Property Holdings Co. and KWG Property Holding Ltd. beat 13 other bidders including Cheung Kong Property Holdings Ltd. and Sun Hung Kai Properties Ltd., according to a statement Friday from the Hong Kong Lands Department. The purchase works out to about HK$22,100 per square foot, according to Bloomberg calculations based on government data.