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Milway Development Limited – an associate company of mainland Chinese conglomerate HNA Group – has outbid 14 other contenders to win a residential site in Kai Tak for just above HKD 7.4 billion. The bid was at the higher end of market expectations and 4% higher than the amount paid by HNA for another Kai Tak site at the beginning of the year. The site is close to HNA's other three development sites in Kai Tak, purchased over the last six months, and the group reportedly plans to combine all four sites under a single landmark development project, providing over 2,500 private residential units. PRC developers have so far won all three residential development sites tendered in 2017.
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16 March 2017
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