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Sun Hung Kai wins $534 mln tender for two Hong Kong sites
March 27, 2013 / 9:25 AM / 5 years ago

Sun Hung Kai wins $534 mln tender for two Hong Kong sites

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

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