Sino Land Co. was part of a consortium that swooped in to buy residential land in Hong Kong from the government for HK$17.3 billion ($2.2 billion), described by local media as a record for that type of property.
Shimao Property Holdings Ltd., Wheelock Properties Ltd., K Wah International Holdings Ltd. and S E A Holdings Ltd. were the other members of the group, the Lands Department said in a statement.
Hong Kong’s property market, the world’s most expensive, continues to hit new highs even as cracks are starting to appear in the outlook for prices amid rising interest rates. On the commercial side, a Chinese state firm this month led the record HK$40.2 billion acquisition of a 75 percent stake in a 346-meter skyscraper called The Center.
The site at Cheung Sha Wan in Kowloon has a maximum floor area of 91,770 square meters, the lands department said. The price is a record for residential land, surpassing HK$16.9 billion for a site in Ap Lei Chau in February, according to Oriental Daily.
--With assistance from Jasmine Wang
To contact the reporter on this story: Paul Panckhurst in Hong Kong at ppanckhurst@bloomberg.net.
To contact the editor responsible for this story: Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net.
©2017 Bloomberg L.P.
