HONG KONG-At a land auction carried out by the Chinese government on Tuesday, Chinachem Group paid HK$1.63 billion (US$210.1 million) for a residential site located at 3 and 5 Ede Rd. in Kowloon. This winning bid was 10% higher than the HK$1.48 billion figured by analysts.
Chinachem paid HK$17,976 per square foot for a 90,675-square-foot gross floor area. The group is planning to develop 48 apartments situated at the Ede Road site and sell them at HK$22,000 per square foot. For the full story, go to Wall Street Journal.
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