HONG KONG, Aug 10 (Reuters) - 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 the land.
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The MTR had withdrawn the tender in January when bidders failed to meet its reserve price of HK$10 billion.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 Anantharaman)