Hong Kong tycoon Li Ka-shing, chairman of Hutchison Whampoa Ltd., and Cheung Kong (Holdings) Ltd., gestures during a press conference to announce his companies annual results in Hong Kong Tuesday, March 26, 2013. Billionaire Lis Hong Kong conglomerate said profit last year fell by about half compared with the previous year, when income was inflated by a huge one-time gain. (AP Photo/Kin Cheung)
HONG KONG: Billionaire Li Ka-shing (pic) is getting back into Hong Kong’s housing market, with his property unit buying its first plot of residential land in four years.
Li’s Cheung Kong Property Holdings Ltd will pay HK$1.95bil (US$251mil) for the New Territories site, the Hong Kong Lands Department said in a statement. Designated for private residential purposes, the site has a maximum gross floor area of 22,676 sq m.
Limited time offer:
Just RM5 per month.
