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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.