Cheung Kong Holdings: Bought Residential Site in Kowloon for Over HK$9.6 Billion
08/10/2012| 05:21am US/Eastern
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By Trinna Leong
HONG KONG--Blue-chip developer Cheung Kong Holdings Ltd. (0001.HK), the property flagship of Hong Kong tycoon Li Ka-shing, said Friday it bought a residential site in Kowloon for over 9.6 billion Hong Kong dollars (US$1.24 billion).
Cheung Kong Managing Director Victor Li--the elder son of the company's patriarch--said the company will invest around HK$20 billion on the residential project, located in the Tsuen Wan area in the northwestern part of Kowloon. Cheung Kong will solely develop the site, Mr. Li said, noting that he had no further details on the project.
Cheung Kong is Hong Kong's second-biggest developer by market capitalization behind Sun Hung Kai Properties Ltd. Li Ka-shing last week reiterated his commitment to Cheung Kong group's home market in Hong Kong, noting that its current land bank in the city will keep it busy with property developments for the next four years.
Write to Trinna Leong at trinna.leong@wsj.com
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