Rare central plot of land in Hong Kong sold for record $3 bln

Record ID: 876292

  • Title: Rare central plot of land in Hong Kong sold for record $3 bln
  • Date: 17th May 2017
  • Summary: HONG KONG, CHINA (FILE) (REUTERS) VARIOUS OF HONG KONG CITY SKYLINE
  • Embargoed: 31st May 2017 10:32
  • Keywords: Henderson Land Development carpark real estate property rates Hong Kong
  • Location: HONG KONG, CHINA
  • City: HONG KONG, CHINA
  • Country: Hong Kong
  • Topics: Human Interest / Brights / Odd News,Society/Social Issues
  • Reuters ID: LVA0026H87MA5
  • Aspect Ratio: 16:9
  • Story Text: A prized commercial property site in Hong Kong, currently being used as a public car park, was sold to Henderson Land Development for a record HK$23.3 billion ($3 billion) on Tuesday (May 16).
    It outbid eight other developers including local giants Cheung Kong Property Holdings and Sun Hung Kai Properties to take ownership of the site in the Central area, where office vacancy rates are less than 2 percent.
    The price beat market estimates for between HK$14 billion ($1.8 billion) and HK$22.3 billion ($2.9 billion). The lump sum translates into just over HK$50,000 ($6,400) per square foot - a record price paid for land per square foot in crowded Hong Kong, one of the most expensive real estate markets in the world.
    Henderson Land, one of the city's four major property developers, was founded by Hong Kong's second richest man Lee Shake.
  • Copyright Holder: FILE REUTERS (CAN SELL)
  • Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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