Hung Shui Kiu pilot area goes to consortium paying 1.03 billion

A consortium led by China Overseas Land and Investment and Sino Land has been awarded the Hung Shui Kiu pilot area in the Northern Metropolis for 1.03 billion dollars, according to the Development Bureau.

Other members of the HSK New Development Limited include China Merchants Land, China Resources Land (Overseas), CTG Investment Management Corporation, JD.COM or their subsidiaries.

The tender adopted the "twin envelope" approach, with a non-premium proposal part and a land premium offer.

The bureau says the consortium scored higher in both metrics than the other bidder, Henderson Land Development.

Secretary for Development Bernadette Linn says the consortium unites experienced local real estate giants with established leaders from other sectors.