<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=cheung">Cheung Kong Property Holdings Ltd</a>. will pay HK$1.95 billion ($251 million) for a Hong Kong site in an area known for luxury homes.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=cheung">Cheung Kong Property Holdings Ltd</a>. will pay HK$1.95 billion ($251 million) for a Hong Kong site in an area known for luxury homes.
Designated for private residential purposes, the site in Sha Tin, New Territories, has a maximum gross floor area of 22,676 square meters, according to a statement from the Hong Kong Lands Department on Wednesday. The land is in Lai Ping Road, Kau To Shan.
The winning bid from a major Hong Kong developer comes after smaller players and mainland Chinese companies have been snapping up sites in the city over the past year. Other bidders included Wheelock Properties Ltd., <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=vanke">Vanke Property (Overseas) Ltd.</a> and Sun Hung Kai Properties Ltd., according to the government statement.
Hong Kong’s large developers pulled back on land purchases amid a broader slump in home prices. Cheung Kong Property said in its earnings statement last month that it is seeing increasing competition in land auctions from new entrants, especially in Hong Kong.
It’s not easy “to acquire land at reasonable costs,” the firm said last month.
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Bloomberg

Cheung Kong Property to pay $251m for Hong Kong residential site

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Cheung Kong Property to pay $251m for Hong Kong residential site

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