HONG KONG-Sun Hung Kai Properties Ltd. has acquired a New Territories residential site for $400 million at an auction on Tuesday. The nearly 144,000-square-foot site, situated in Tseung Kwan O, has a total floor space of 792,887 square feet.
In order to ensure sufficient apartments for middle class people, the government will oblige Sun Hung Kai to construct 960 to 1,010 units. The winning bid was lesser than the forecast of $410.6 million to $508.1 million from five analysts voted by Dow Jones Newswires. For the full story, go to Wall Street Journal .
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