Letter to the first consortium to nearly 17.3 billion Hong Kong dollar won the H

After nearly 10 months, Hong Kong has another new home, "Earth King" was born. A piece of residential land in Cheung Sha Wan, Kowloon was won by a number of consortia comprising developers from Hong Kong and the Mainland for HK $ 17.288 billion, close to the market's expected limit. Market participants said the transaction price is still reasonable, expected to have a positive effect on the market outlook with the district.

The Lands Department's press release said the piece of residential land at Residential Horizons (New Kowloon Inland Lot No. 6549) at Hing Wah Street, Cheung Sha Wan, Kowloon was granted to Sino Land (0083.HK) for HK $ 17.288 billion, Chinese developers - Shimao Property (0813.HK), Wheelock Properties (0020.HK), K. Wah International (0173.HK) and Javanese Holdings (0251.HK) consortium.

The site was closed on Friday (October 10) and a total of 11 bids were received. The seafront of the sea enjoys panoramic sea views and is adjacent to MTR Nanchang Station. Sun Hung Kai Properties (0016.HK) previously won the bid for the adjacent hotel site at a price of HK $ 5.06 billion, which is expected to be much higher than the market expectation.

Huang Yongguang, vice chairman of Xinhe Group, said he was very happy to have enjoyed a rare coastal land with his partners and plans to build a quality residential project.

However, Xinbu did not disclose the shareholding ratio of each company in the project as well as the total investment amount in the email reply.