State-run mainland developer China Overseas Land & Investment (COLI) has formed a joint venture with China State Construction (CSC) in relation to the Kai Tak project in Hong Kong.
The joint venture company will be an indirect wholly owned subsidiary of COLI and will be owned 80 percent by COLI (through the COLI Nominee) and 20 percent by CSC (through the CSC Nominee).
The Kai Tak project is expected to be HK$12.64 billion ($1.61 billion).
COLI acquired Hong Kong’s long-closed Kai Tak airport in December. With its purchase of the 50-year land grant for Kai Tak Area 4B Site 2, COLI will now take possession of a 97,393-square-foot site approved for construction of up to 594,087 square feet of housing by gross floor area.
