Minmetals Land outbids Hong Kong rivals for Kowloon site

Hong Kong

MINMETALS Land Ltd, a Chinese developer, outbid Hong Kong giants Sun Hung Kai Properties Ltd and Sino Land Co with a HK$4 billion (S$692.5 million) offer for land in the territory's Kowloon district.

The price works out to about HK$7,058 per square foot of saleable area, according to calculations by Bloomberg News based on figures released by the Hong Kong Lands Department on Wednesday. That is almost twice the valuations some industry specialists had placed on the site, which is located in the industrial area of Yau Tong.