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.

GlobeSt.com News Hub is your link torelevant real estate and business stories from other local,regional and national publications.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.