Pan Sutong's Goldin Financial Holdings wins land site for HK$6.38b
Foray into Hong Kong's residential market is the first for billionaire who made fortune in electronics
Hong Kong
HONG KONG's exclusive club of residential property developers will have to make room for a new entrant after billionaire Pan Sutong's Goldin Financial Holdings Ltd beat other bidders including Cheung Kong Property Holdings Ltd to win a land site for HK$6.38 billion (S$1.1 billion).
Goldin, a relatively unknown company that is among the worst performers in Hong Kong's stock market this year, could build about 500 units in Hong Kong's Ho Man Tin site with a maximum gross floor area of 54,444 sq m, the city's Lands Department said in a statement on its website on Wednesday. The price was in line with the expectations at Savills plc and JPMorgan Chase & Co, while exceeding the estimate at CLSA Ltd.
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