HONG KONG-Cheung Kong (Holdings) Ltd. paid $976 million for two residential sites during a land auction organized by the government.
Six bidders competed for the residential plot in Kowloon City which Cheung Kong purchased for HK$4.1 billion, paying HK$10,399 per square feet. The company also paid HK$3.51 billion, for the second site in Hung Hom, which translates into a value of HK$9,597 per square feet. There were 11 bidders interested in the Hung Hom site. For the full story, go to Wall Street Journal.
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