China Overseas Land and Investment (Coli) has unveiled the equity breakdown of the consortium which acquired a residential site in Tuen Mun for $2.9 billion at Tuesday's land auction.
Coli said it had a 60 per cent stake in the consortium while Tai Cheung Holdings owned 20 per cent. Ryoden Development and Kiu Kwong Investment each have a 10 per cent holding.
Development of the Tuen Mun site will cost $4.5 billion.
Coli plans to build six residential towers of medium-sized units with a floor area of 900,000 square feet. It expects to complete the project in three years.
The price of the 178,000 sq ft site was slightly lower than the market's highest forecast of $3.1 billion. Analysts estimated the development cost would be about $5,500 per sq ft.
Coli also teamed up with Paliburg Holdings and Regal Hotels International to buy a luxury residential site in Wong Ma Kok Road, Stanley, for $5.5 billion at the land auction in June. The investment will involve construction of 135 luxury homes and cost about $8 billion.