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Flats to be built on land at Wong Chuk Hang are likely to fetch prices similar to those in the city’s more traditional upmarket areas, analysts forecast
Shenzhen Investment, working in partnership with sister company Road King Infrastructure, beat out nine rival bidders for the Tuen Mun site, paying HK$3.17 billion
Road King Infrastructure, which listed on the Hong Kong stock exchange in 1996, had operated as a toll road builder until 2004, when it set its eye on the fast growing property development in China.
Ping An Insurance, China’s largest insurer in terms of market value, said it will maintain a consistent dividend payout policy after it announced a 41.5 per cent increase in dividend payment for 2016.
In the latest sign, Ping An Real Estate Capital’s venture with Road King Infrastructure outbid 13 developers to secure the right to develop a residential plot at Wong Chu Hang.
Toll roads are among the oldest businesses in the world. The idea of collecting a fee for the right of passage is several thousand years old. Nearly three thousand years ago, travelers had to pay a toll for using the Susa–Babylon highway under the regime of Ashurbanipal, who reigned in the seventh century BC. The business of toll collection has survived through the ages.
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More and more mainland Chinese developers are setting their sights on Hong Kong’s land market to diversify in the wake of the a property market slowdown at home, especially in smaller cities, as well as to take advantage of the falling land prices in the city.