Land Auction Yields US$432.05 Million

For more information, please contact:
Melissa Ng / David Hsieh at 212-752-3320
Daniel McAtee at 202-238-6360
Wing Yan Tong at 415-835-9315

February 22, 2010 - A government plot of land in Tseung Kwan O sold for HK$3.37 billion (US$432.05 million) in the third land auction held by the Lands Department of the Hong Kong Special Administrative Region Government for the 2009-2010 financial year.

The lot, Tseung Kwan O Town Lot No.76 at Tseung Kwan O Area 66B, Tseung Kwan O, was sold to Group Allied Limited, after an opening bid of HK$2 billion (US$256.41 million).

Tseung Kwan O Town Lot No.76 has a site area of about 12,300 square meters (132,396 square-feet) and is designated for non-industrial (excluding godown, hotel and petrol filling station) purposes. A minimum gross floor area of 40,590 square meters (436,907 square-feet) must be completed. The maximum gross floor area is 67,650 square meters (728,178 square-feet).