HONG KONG-At a land auction carried out by the Chinesegovernment on Tuesday, Chinachem Group paid HK$1.63 billion(US$210.1 million) for a residential site located at 3 and 5 EdeRd. in Kowloon. This winning bid was 10% higher than the HK$1.48billion figured by analysts.
Chinachem paid HK$17,976 per square foot for a90,675-square-foot gross floor area. The group is planning todevelop 48 apartments situated at the Ede Road site and sell themat HK$22,000 per square foot. For the full story, go toWall Street Journal.
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