Mainland China’s developers appear to be taking a break from their shopping spree for Hong Kong assets, when a government sale of commercial land attracted only two bids from Chinese companies….
Mainland China’s developers appear to be taking a break from their shopping spree for Hong Kong assets, when a government sale of commercial land attracted only two bids from Chinese companies. The tender for Area 1F Site 2 at the former Kai Tak airport site attracted 12 bids from developers, 10 of which are Hong Kong companies including Cheung Kong Property (Holdings) , Chinese Estates Holdings, Wheelock Properties, Henderson Land Development and Nan Fung Development. Two mainland Chinese developers — Shimao Property Holding and Chinese Overseas Land & Investment — submitted separate bids. The site, which could yield 1.91 million square feet (177,444 square meters) of total gross floor area designated for offices, retail shops and hotels, has been valued at between HK$7,500 per sq ft to HK$12,000 per sq ft, placing the top end of the estimated price at HK$22.
