Sun Hung Pays $1.5B For Hong Kong Development Site

Law360, New York (October 19, 2011, 4:15 PM EDT) -- Property developer Sun Hung Kai Properties Ltd. has won the rights to develop a commercial and residential site above a Hong Kong rail station, agreeing to pay $1.5 billion to build on the property, the company announced Wednesday.

Seller MTR Corp. Ltd., which operates the Hong Kong Mass Transit Railway, awarded the developing rights to the Hong Kong-based developer through an auction.

Sun Hung paid less for the property than expected by local surveyors, who had predicted the site would go for between $1.7 billion and...
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