A WHOLLY owned company of Wong's Kong King International (Holdings) (WKK) and two subsidiaries of Sun Hung Kai Properties have agreed to jointly redevelop two adjacent properties in Kowloon. Yesterday's agreement enables WKK Land redevelop the properties with Lunalite and Garudia. WKK Land is the beneficial owner of the WKK Building in Kwun Tong, which was bought in March 1990 for $91.5 million and is WKK's headquarters. The Sun Hung Kai subsidiaries own a vacant site next to the building. The agreement calls for the tearing down of the existing structures to be replaced by a new building. Lunalite and Garudia will negotiate with the Government to redesignate their property from industrial to industrial-office use. WKK will contribute $6 million towards the premium for the change. The rest will come from Lunalite and Garudia. WKK will contribute an additional $3.4 million towards construction costs. Based on the contributions, the Sun Hung Kai subsidiaries will have a 90 per cent interest in the new building, and WKK Land the remaining 10 per cent.