HONG KONG, March 27 (Reuters) - Sun Hung Kai Properties Ltd , the world’s second-largest property developer, won a HK$4.14 billion ($534 million) auction for two sites in Hong Kong, one for residential use and the other for a hotel, the government said on Wednesday.
Sun Hung Kai recently warned about the impact of tightening measures on the property market and lowered its sales target for this financial year by 9 percent.
Chueng Kong Holdings Ltd, controlled by Asia’s richest man, Li Ka-shing, recently drew fire from the government for selling hotel units for residential use, which some saw as a way of side-stepping tightening measures.
($1 = 7.7594 Hong Kong dollars)
Reporting By Yimou Lee; Editing by Matt Driskill