HONG KONG: A unit of HNA Group Co outbid Hong Kong developers including Cheung Kong Property Holdings Ltd with an HK$8.84bil (US$1.1bil) offer for government land in the former Kai Tak airport area, the highest price tag in three-and-a-half years.
It was the most hotly contested land tender this year, as a rebound in home prices is underway, attracting 20 bidders including Hong Kong’s Henderson Land Development Company Ltd and Wheelock Properties Ltd, and mainland buyers such as China Overseas Land & Investment and China Vanke Co, according to a Lands Department announcement on Wednesday.
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