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

By Joanne ChiuFeaturesDow 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).

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.

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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

(END) Dow Jones Newswires

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