State-backed conglomerate Citic Pacific wins bid for Tai Hang luxury residential site for HK$3.2 billion

• Company beats 24 other bidders for the plot, which was initially expected to go for HK$1.7 billion to HK$5.41 billion (US$218 million to US$694 million)
• Tai Hang plot is Citic Pacific’s first win since it secured a residential site in Ma On Shan four years ago