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Hong Kong Sells Record-Breaking Land to Wharf, Tycoons

  • Sold at highest price for residential land in public tenders
  • Luxury home market has been under pressure during the pandemic
General Views of Victoria Peak And Hotels In Hong Kong As Protests Deter Chinese Tourists
Photographer: Paul Yeung/Bloomberg

Wharf Holdings Ltd. teamed up with Hong Kong property tycoons to win a premium land site in the luxurious Peak area for a record-breaking price.

The consortium includes a Wharf subsidiary, an entity owned by Sino Land Co.’s Chairman Robert Ng, C C Land Holdings Ltd.’s Cheung Chung Kiu, Chinese Estates Holdings Ltd.’s Chan Hoi Wan and her brother-in-law Thomas Lau. It won the residential land for HK$7.25 billion ($935 million), a government statement showed late Wednesday.