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Bloomberg
Sino Land Co. was part of a consortium that swooped in to buy residential land in Hong Kong from the government for HK$17.3 billion ($2.2 billion), described by local media as a record for that type of property.
Shimao Property Holdings Ltd., Wheelock Properties Ltd., K Wah International Holdings Ltd. and S E A Holdings Ltd. were the other members of the group, the Lands Department said in a statement.
Hong Kong’s property market, the world’s most expensive, continues to hit new highs even as cracks are starting to appear in the outlook for prices amid rising interest rates. On the commercial side, a Chinese state firm led the record HK$40.2 billion acquisition of a 75 percent stake in a 346-meter skyscraper called The Center.