Macau-based property developer Polytec Group has reduced its takeover bid for Kowloon Development by more than 10 per cent since the September 11 terrorist attacks, according to chairman Johnny Or Wai-sheun. Mr Or said Polytec's subsidiary, Intellinsight Holdings, had made an offer of more than HK$4 per share seven months ago, compared to the latest offer of HK$3.58 per share. Polytec's previous bid was unsuccessful because a Chow Tai Fook Enterprises-led consortium had made a more aggressive offer for Kowloon Development. But the consortium later pulled out, giving Polytec another chance to acquire the property company. Mr Or said the acquisition of Kowloon Development would create synergy as Polytec's experience in property development would enhance the core business of Kowloon Development in long-term property investment. 'The existing business [of Kowloon Development] is too conservative,' said Mr Or, adding that the main revenue of Kowloon Development came from rental yield generated by its flagship Pioneer Centre in Mongkok. He believed Kowloon Development would be more aggressive in acquiring a land bank in the future.