Kerry pulls out of project

Kerry Properties has decided not to proceed with a proposed one million square foot residential project in Tuen Mun. It failed to reach an agreement after the Antiquities and Monuments Office raised a proposal last year on the preservation of historical buildings. The Hoh Fuk Tong project, a joint development with the Hong Kong Council of the Church of Christ in China, was initiated in 1997 and approved by the Town Planning Board in 1999. Kerry Properties is part of the Kerry Group, the largest shareholder in SCMP Group, publisher of the South China Morning Post.