Sun Hung Kai Properties has acquired a luxury residential site in Hong Kong for $576 million, The Wall Street Journal reports. The nation-listed developer has bought the property from the government in an auction. The winning bid was 45% higher than the opening bid of $398.8 million. The blue-chip company will be spending $1.03 billion to develop the site. Separately, the government has sold one residential site in Kowloon for $74.4 million to China Overseas Land & Investment and a property in city’s New Territories area for $85.1 million to Cheung Kong Holdings.
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