{
  "id": 12385274,
  "title": "Hong Kong land sale stuns market as HK$4.3b bid hits 5-year Kowloon high",
  "url": "https://urgent.news/2026/10/06/hong-kong-land-sale-stuns-market-as-hk-4-3b-bid-hits-5-year-kowloon",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-06T13:13:03.000Z",
  "source": {
    "name": "SCMP Business",
    "slug": "scmp-business",
    "url": "https://www.scmp.com/business/article/3369948/hong-kong-land-sale-stuns-market-hk43b-bid-hits-5-year-kowloon-high"
  },
  "original_language": "en",
  "account": "Kerry Properties secured a Ho Man Tin land plot in Kowloon for HK$4.31 billion, marking the highest price for a residential site in the region in nearly five years. The Fat Kwong Street site sold at HK$20,738 per square foot, the highest premium for residential properties recently, according to Vincorn Consulting and Appraisal's Vincent Cheung. The previous record in Kowloon was HK$20,000 per square foot, achieved in October 2021. Kerry's HK$4.3 billion bid was 38% above market estimates, which ranged from HK$9,000 to HK$15,000 per square foot. The site, previously a saltwater service reservoir and a temporary area for the Highways Department, is advantageous due to its proximity to luxury projects near the Ho Man Tin MTR station. With a maximum gross floor area of 207,750 square feet, the 55,649-square-foot site is expected to house around 250 flats. Developers must incorporate an elderly care center, a community center, and an access road to Fat Kwong Street into the project. Kerry Properties has been actively expanding its Hong Kong land portfolio, securing four sites for a collective HK$6.47 billion this year.",
  "summary": "Kerry Properties has won a land plot in Ho Man Tin for HK$4.31 billion (US$549 million), the highest price paid for a residential site in Kowloon in nearly five years, as developers show confidence in demand for luxury homes. The site on Fat Kwong Street sold at HK$20,738 per square foot of gross floor area, the highest land premium for a residential site in recent years, according to Vincent…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 5,
    "also_reported_by": [
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        "url": "https://urgent.news/2026/10/06/hong-kong-quizzes-hsbc-over-singapore-ai-hub-decision",
        "published": "2026-10-06T01:32:21.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Kuaishou’s Kling AI targets Hong Kong IPO, may raise at least $1 bln - Bloomberg",
        "url": "https://urgent.news/2026/10/06/kuaishous-kling-ai-targets-hong-kong-ipo-may-raise-at-least-1-bln",
        "published": "2026-10-06T04:00:36.000Z"
      },
      {
        "outlet": "e27",
        "title": "East Asia’s crypto market splits as Korea bets on AI tokens and Hong Kong courts institutions",
        "url": "https://urgent.news/2026/10/06/east-asias-crypto-market-splits-as-korea-bets-on-ai-tokens-and-hong",
        "published": "2026-10-06T04:01:42.000Z"
      },
      {
        "outlet": "Techmeme",
        "title": "Sources: Kuaishou's Kling selects banks to lead a Hong Kong IPO aiming to raise $1B+ as early as 2027; Kling hit a $15B valuation after raising $2.8B in July (Bloomberg)",
        "url": "https://urgent.news/2026/10/06/sources-kuaishous-kling-selects-banks-to-lead-a-hong-kong-ipo-aiming",
        "published": "2026-10-06T10:40:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}