HONG KONG Aug 10 Cheung Kong (Holdings)
, the property developer founded by Asia's richest man,
Li Ka-shing, said on Friday it had won a tender from subway
operator MTR Corp to build the property above a rail
station in Hong Kong, paying HK$9.6 billion ($1.24 billion) for
Managing director and executive deputy chairman Victor Li,
the elder son of the company's 83-year old founder, announced
the tender win for the Tsuen Wan project at the company's
headquarters, adding it would spend more than HK$20 billion
($2.6 billion) on the project.
The MTR had withdrawn the tender in January when bidders
failed to meet its reserve price of HK$10 billion. Developers
have grown cautious on land purchases with Hong Kong prices at
some of the highest levels in the world.
($1 = 7.7556 Hong Kong dollars)
(Reporting by Alex Frew McMillan; Editing by Muralikumar