Hong Kong's K Wah wins residential site for $757 mln

Vanke Overseas Investment Holding

29/12/2016 10:16

HONG KONG, Dec 29 (Reuters) - Casino tycoon Lui Che 
Woo-controlled K Wah International Holdings Ltd  0173.HK  will 
pay HK$5.87 billion ($756.90 million) for a residential site in 
Hong Kong, a price at the high end of market expectation. 
    The transaction for the 9,700-square metre site with a 
maximum gross floor area of 53,350 sq metres at Kai Tak in 
eastern Kowloon, comes as the city steps up efforts to contain 
prices in one of the world's most expensive property markets. 
    A unit of K Wah, Century Basis Ltd, beat 15 mainland and 
Hong Kong developers, including China Overseas Land  0688.HK , 
Vanke Property  1036.HK , China Resources Land  1109.HK , Sun 
Hung Kai Properties  0016.HK , New World  0017.HK , and Cheung 
Kong  1113.HK , to clinch the deal, the government said in a 
statement. 
    Four surveyors interviewed by Reuters had estimated a price 
of HK$4.6 billion to HK$5.8 billion for the deal.  
    Last month, a unit of China's HNA Group  HNAIRC.UL  won a 
tender for a plot of residential land in Hong Kong at almost 
double market forecasts.  urn:newsml:reuters.com:*:nL4N1D4161 
    Hong Kong had in November raised stamp duties on property 
transactions for the first time in three years, in its latest 
effort to check an overheated property market buoyed by capital 
inflows from China.  urn:newsml:reuters.com:*:nL4N1D53F0 
($1 = 7.7553 Hong Kong dollars) 
 
 (Reporting by Joy Leung and Donny Kwok; Editing by Subhranshu 
Sahu) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: HONGKONG PROPERTY/K. WAH INTL