Market Chatter: New World, China Resources Land Said to Agree Lower Premium for Northern Metropolis Plots

MT Newswires Live

Aug 08

New World Development (HKG:0017) and China Resources Land (HKG:1109) are in talks with the Hong Kong government to pay a reduced land premium of about HK$1,500 to HK$1,600 per square foot for two plots in Yuen Long, the South China Morning Post reported Thursday, citing a source.

According to the report, the total payment would exceed HK$2 billion, with the government reportedly taking market conditions into account to accelerate development of the Northern Metropolis.

The plots are part of a HK$10 billion joint venture announced in December 2023 to build 1,800 homes on a 720,000-square-foot gross floor area site, with construction slated to begin this year, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2557892513","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2557892513","pubTimestamp":1754616837,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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