(To read more on the multifamily market, click here.)

SHANGHAI-With a $283-million offer, Hong Kong blue chips Cheung Kong (Holdings) Ltd. and affiliate Hutchison Whampoa Ltd. have won the bid for a 43.6-acre piece of land in the Putuo district here that is slated for commercial and residential uses.

The companies have formed a joint venture to follow through with the development. The estimated total development cost is US $463 million.

Cheung Kong is Hong Kong’s second largest developer by market value and is the biggest landlord in Tseung Kwan O. In addition to the Putuo District project, the company is in the running for the HK$8 billion residential-retail-hotel project above Tseung Kwan O MTR station that will be awarded early next month.

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