The apartments will be at the old Kai Tak airport site.
South China Morning Post reported that HNA Group, the biggest buyer of land in Hong Kong last year, said it is aiming to build and sell apartments at cost for its staff at the former Kai Tak airport site, part of a plan to muscle into the city’s real estate industry.
The conglomerate, which paid HK$27.2 billion (US$3.5 billion) over a four-month period for four parcels of land in Kai Tak, said its aggressive bids – setting one price record after another, often 50 per cent above valuations – were motivated by the burning desire to snatch land and pricing power from the city’s real estate cartel.
View the full report here.
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