New World Development Wins Bid for Commercial Site in Hong Kong's Kowloon

By Joanne Chiu Features Dow Jones Newswires

New World Development Co. (0017.HK) has won a bid for a site in Hong Kong's Kowloon peninsula for 4.03 billion Hong Kong dollars (US$517.9 million).

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Good Sense Development Ltd., a unit controlled by Hong Kong-listed developer New World Development, was awarded the commercial site in Kowloon, the Hong Kong government said Wednesday.

The plot of land, with site area of about 4,171 square meters, drew seven other bidders, including the city's major real-estate giants Sun Hung Kai Properties Ltd. (0016.HK) and Cheung Kong Property Holdings Ltd. (1113.HK), as well as a joint venture owned by Sino Land Co. (0083.HK) and K. Wah Properties (Holdings) Ltd.

The site has a maximum gross floor area of 50,052 square meters, it said.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

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May 10, 2017 06:15 ET (10:15 GMT)