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Henderson to pay HK$9.6 billion land premium

HONG KONG: Real estate developer Henderson Land said on Oct 29 it plans to pay a HK$9.6 billion (RM4.25 billion) land premium, in a bid to increase its residential land reserve through a change of the land usage, according to Reuters.

The developer said it would pay the land premium to the government for the land lots, which are 68% owned by the company and 32% owned by New World Development.

Henderson Land said the land would be developed into a residential development with a total gross floor area of up to 2.95 million sq ft in the New Territories.

Real estate developers earlier this week met financial secretary John Tsang to exchange opinions on the red-hot property market. Tsang said the government would intervene if the property market became unfair and unhealthy. -- Reuters
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