HONG KONG Dec 29 Casino tycoon Lui Che
Woo-controlled K Wah International Holdings Ltd will
pay HK$5.87 billion ($756.90 million) for a residential site in
Hong Kong, a price at the high end of market expectation.
The transaction for the 9,700-square metre site with a
maximum gross floor area of 53,350 sq metres at Kai Tak in
eastern Kowloon, comes as the city steps up efforts to contain
prices in one of the world's most expensive property markets.
A unit of K Wah, Century Basis Ltd, beat 15 mainland and
Hong Kong developers, including China Overseas Land,
Vanke Property, China Resources Land, Sun
Hung Kai Properties, New World, and Cheung
Kong, to clinch the deal, the government said in a
Four surveyors interviewed by Reuters had estimated a price
of HK$4.6 billion to HK$5.8 billion for the deal.
Last month, a unit of China's HNA Group won a
tender for a plot of residential land in Hong Kong at almost
double market forecasts.
Hong Kong had in November raised stamp duties on property
transactions for the first time in three years, in its latest
effort to check an overheated property market buoyed by capital
inflows from China.
($1 = 7.7553 Hong Kong dollars)
(Reporting by Joy Leung and Donny Kwok; Editing by Subhranshu