24 October 2014 - Mainland developer Shimao Property (0813) partnered with another mainland developer, Mingfa Group, to outbid five others and acquire a Tung Chung hotel plot for HK$1.83 billion, meeting estimates.
The price for the 138,877 square foot site translates to nearly HK$2,998 per square foot based on gross floor area. Shimao Property is active in Hong Kong land purchases, with a luxury residential site at Shouson Hill acquired for HK$2.708 billion in May alongside Emperor International (0163) and Mingfa.
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