$499m housing tenders awarded in HK
THREE contracts together worth almost $499 million have been awarded by the Hong Kong Housing Authority.
The largest, worth $191.95 million, was won by Wecon and involves the redevelopment of the second phase of the Pak Tin estate at Shek Kip Mei.
Plans call for the construction of 638 homes in three 14-storey blocks.
The second deal, worth $186 million, went to Chun Wo Construction and Engineering for 700 homes in two 36-storey buildings to form the second phase of the Tin Wan estate, Aberdeen.
Leighton Contractors (Asia) won a $121.91 million order to build 240 flats in a 24-storey block on a landfill site at Wang Tau Hom estate, Lok Fu.
Meanwhile, Reuter reports that the Housing Authority yesterday named three of four fund managers who will manage $2 billion of its funds not earmarked for immediate use.
The money would be channelled into Hong Kong fixed interest investments, the authority said in a statement.
Credit Suisse Investment Management, Fiduciary Trust Co International and Paribas Asset Management won the management briefs. Appointment of the fourth fund manager was still under discussion.
The funds eventually would be used to finance construction, housing and other projects.
The authority said its existing independent master custodian, State Street Bank and Trust Co, would oversee the settlement and custody of the invested funds.