Hysan, Chinachem’s HK$19.8 billion bid wins first plot of land in Causeway Bay to be auctioned by Hong Kong government since 1997

May 12, 2021 | INVESTING

A joint bid by Hysan Development and Chinachem Group has won the first commercial site to be offered by the government in Causeway Bay for 24 years, for HK$19.778 billion (US$2.55 billion).The price is much higher than expected, analysts said, showing developers’ confidence in the outlook for Hong Kong’s office market as the city tries to get back on track from a deep recession.Patchway Holdings (HK), a joint venture set up by Hysan and Chinachem’s Chime Corporation won the plot on Caroline…

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