Chi Cheung Investment Co will invest $330 million on two residential developments in Aberdeen and Sheung Shui, chairman Paul Ng Kwok-cheung says.
'The company has just finalised an agreement to pay a $40 million premium for the Tin Wan Street residential site in Aberdeen,' Mr Ng said after the firm's extraordinary general meeting yesterday.
After acquiring an adjoining site for $30 million, the site area would be enlarged to 7,000 sq ft, he said.
The site would generate a gross floor area of 63,000 sq ft with investment of $200 million.
Chi Cheung's share of investment in the Aberdeen project was about $130 million. The remainder would come from Kwong Sang Hong International.
Mr Ng declined to disclose Chi Cheung's share in the project but said it would remain the majority shareholder.
The company would invest $200 million on a 35 per cent stake in another residential project, a 1,755 sq ft site in Sheung Shui. The site would generate a gross floor area of 305,000 sq ft after completion.
