May 26, 2017 / 11:10 AM / 3 years ago

Hong Kong-China consortium buys New Territories land plot for $1.07 bln

HONG KONG (Reuters) - A Hong Kong-China consortium of property developers on Friday won an auction for a plot of land in Hong Kong’s New Territories with a bid of HK$8.33 billion ($1.07 billion), beating market expectations.

State-owned China Overseas Land & Investment Limited, and Hong Kong’s Sino Land Company Limited and K. Wah International Holdings Limited beat seven other companies to win the plot of land offered by railway company MTR Corporation Limited.

The land parcel in Kam Sheung Road, a newly developed area in the New Territories closer to the mainland Chinese border than the financial district, offers a total gross floor area of nearly 115,000 square meters and can provide over 1,600 residential units.

In 2015-2016, mainland Chinese companies gobbled up 29 percent of land sold for development in Hong Kong, according to industry figures.

Reporting by Venus Wu. Editing by Jane Merriman

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