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The first land sale tender of 2017 has been awarded to Onwards Asia Limited, an associate company under the PRC conglomerate HNA Group for HKD 5.5 billion. The A.V. of HKD 13,000 per square foot was 8% above the higher end of market expectations. The tender for the residential site attracted a total of 18 bidders, a third of which were PRC companies. This represents HNA's third acquisition in the Kai Tak Development Area, and takes its footprint to about 30% of the total developable area of all tendered residential sites in the KTDA. Market sources suggest HNA intends to build around 550 mass and medium-sized flats on the site on or before 2022.
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26 January 2017
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