HONG KONG-At a land auction carried out by the Chinese government on Tuesday, Chinachem Group paid HK$1.63 billion (US$210.1 million) for a residential site located at 3 and 5 Ede Rd. in Kowloon. This winning bid was 10% higher than the HK$1.48 billion figured by analysts.

Chinachem paid HK$17,976 per square foot for a 90,675-square-foot gross floor area. The group is planning to develop 48 apartments situated at the Ede Road site and sell them at HK$22,000 per square foot. For the full story, go to Wall Street Journal.

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

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.