Hong Kong Developer Pays $179 Million for Land to Build 2,700 Homes

Sun Hung Kai Properties (SHKP), a major Hong Kong developer, has bought a large plot of land from the government for HK$1.4 billion (US$179.5 million). The site is in Kwu Tung South, part of the planned "Northern Metropolis" development zone. SHKP stated the project could provide over 2,700 new flats. The developer estimates the site will yield more than 1.2 million square feet of residential space. This would make it the largest housing project in the Northern Metropolis area in recent years. The purchase signals continued investment in the government's flagship plan to develop new residential and economic hubs near the border with mainland China.