Hong Kong developer Nan Fung Group beat three rival groups for a development site near the city’s international airport, marking the first deal after a senior government official urged real estate tycoons to have faith in the market.
MTR Corp awarded the site near the Tung Chung East Station on Lantau Island to Nan Fung without disclosing the winning price, according to a statement on Friday. Nan Fung is a well-established and reputable developer and has participated in various MTR projects, it added.
The tender attracted four bids earlier this month, including from CK Asset Holdings, Sun Hung Kai Properties, and a Sino Land-Great Eagle consortium. Thirty-three developers had expressed interest in the site when the tender was announced in November.
MTR, which operates the city’s railway network, sells land parcels on top of or near its stations to help fund its network development.
The sale was the first since Xia Baolong, head of the Hong Kong and Macau Affairs Office, told real estate tycoons to “recognise their responsibilities” during a closed-door meeting last month with Sun Hung Kai Properties, Henderson Land, New World Development, Sino Group and Shui On Land.
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