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Government Land Sale: Kai Tak

​Sky Hero Developments, a company associated with PRC-backed conglomerate HNA Group, has set a new record high price for a residential development site in Kowloon East – an A.V. of HKD 13,600 per square foot. Acquiring the site for a total HKD 5.4 billion, 13% above the higher end of market expectations, this is HNA's second residential development site in Kai Tak, after acquiring an adjacent site in November 2016.

Market sources suggest HNA intends to build around 600 flats on the site, anticipated for completion before 2022.

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