May 15, 2018 / 10:27 AM / 5 days ago

HK's Sun Hung Kai Properties sets residential land sale record

HONG KONG, May 15 (Reuters) - Local developer Sun Hung Kai Properties Ltd set a residential land sale record in Hong Kong on Tuesday when it outbid four others to pay HK$25.16 billion ($3.21 billion) for a plot northeast of the city’s iconic Victoria Harbour, the Lands Department said.

The non-industrial site at Kai Tak, the former home to the city’s old airport, has a maximum gross floor area of 131,495 square metres (1.4 million square feet), according to the Lands Department.

In November, a consortium led by local developer Sino Land Co Ltd outbid 10 others to win a plot in the west Kowloon district of Cheung Sha Wan for HK$17.3 billion.

$1 = 7.8499 Hong Kong dollars Reporting by Venus Wu; Editing by Biju Dwarakanath

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