JV buys development site in Hong Kong
Billion Development and Project Management, Sino Land Co. and CSI Properties have purchased a development site in Kowloon, a submarket of Hong Kong, for HK$3.04 billion ($392 million). The seller was c.
Billion Development and Project Management will hold a 40 percent interest in the joint venture, while Sino Land Co. and CSI Properties will each hold a 30 percent stake. Sino Land will act as the project manager.
The commercial site, New Kowloon Inland Lot No. 6313, is located at the junction of Cheung Yip Street, Sheung Yee Road and Wai Yip Street.
The consortium will invest HK$4.5 billion to HK$5 billion ($581 million to $645 million) to develop the site, which adjoins other properties owned by the venture’s members.