Hong Kong’s Sun Hung Kai Properties has bought a residential site for $400 million, The Wall Street Journal reports. The site is one of Hong Kong’s fastest-growing mass-market residential areas located partially on a former landfill.
The winning bid from Sun Hung Kai was below the forecast of $410.6 million to $508.1 million from analysts. The bid was 9.5 percent higher than the opening bid of $365.6 million.
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