HKR International (HKRI) has announced that its subsidiary has acquired 174 units in a Discovery Bay property for $726 million from New World Development, confirming earlier reports. The buyer in the deal, Glory Asset Development, is owned 50 per cent by a wholly owned subsidiary of HKRI and 50 per cent by an independent third party. It was reported earlier that New World would dispose of about 230,000 square feet of the mid-rise residential project, Crestmont Villa in Discovery Bay, at an average price of $3,100 per square foot. Hong Kong Resort Co (HKR), which is equally owned by HKRI and Citic Pacific, owns the land in the huge real estate development in Discovery Bay. HKR was to get $200 million from the deal, and bring about $49 million in profit to HKRI. HKR is entitled to receive 35 per cent of any amount in case the average sale price exceeds $650 per square foot according to the deed dated 1987.