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Government Land Sale: Yau Tong (NKIL 6593)

Poly Property ("Poly") has been awarded a residential development site in Yau Tong for HKD 3.3 billion, close to the lower end of market expectations.

Poly's successful bid marks the first win by a PRC developer in the government land sale this year.

Market sources suggest Poly plans to build about 500 units on the site. 

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