Hong Kong, October 13th, 2010 - Sinopec, the largest refiner in Asia by capacity, last night won the bid for a piece of land in Kowloon Tong, Hong Kong for HK$1.63 billion, a record price in the region, sources reported.
The Chinese oil giant beat out Kerry Properties Ltd to acquire the 27,637 square meter-plot, on which Sinopec intends to spend HK$2 billion or around US$257 million to build 48 luxury condominiums.
A senior official from Sinopec said that the average price of the apartments may reach HK$22,000 per sq m.
In March, the Chinese government ordered 78 central-owned enterprises whose core business is not property development to withdraw from the real estate market, and Sinopec Group, the parent firm of Sinopec sold its 50% stake in a property arm for just RMB 1. - China Knowledge
Currency exchange at press time:
100.00 HKD = 39.9 MYR
The Chinese oil giant beat out Kerry Properties Ltd to acquire the 27,637 square meter-plot, on which Sinopec intends to spend HK$2 billion or around US$257 million to build 48 luxury condominiums.
A senior official from Sinopec said that the average price of the apartments may reach HK$22,000 per sq m.
In March, the Chinese government ordered 78 central-owned enterprises whose core business is not property development to withdraw from the real estate market, and Sinopec Group, the parent firm of Sinopec sold its 50% stake in a property arm for just RMB 1. - China Knowledge
Currency exchange at press time:
100.00 HKD = 39.9 MYR
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