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New World wins HK site tender to build 2,900 homes

Hong Kong

NEW World Development Co, the builder controlled by the family of Hong Kong billionaire Cheng Yu-tung, won the tender for a HK$10.4 billion (S$1.7 billion) site in the city that can provide at least 2,900 new homes.

New World will pay HK$2.9 billion of the land premium