China's HNA pays $960 mln for 4th land purchase in Hong Kong

HONG KONG, March 16 (Reuters) - Chinese conglomerate HNA

Group Co Ltd snapped up a plot of residential land

in Hong Kong for HK$7.44 billion ($958.12 million), the fourth

such purchase in five months in the city for the acquisitive

group.

HNA's unit, Hong Kong International Construction Investment

Management Group Co, won the bid for a 9,482 square

meter-land in the Kai Tak area, translating to a floor price of

around HK$145,316 per square meter, HNA said in a statement late

on Wednesday. HNA's earlier land buys in Hong Kong have also

been in the Kai Tak area.

Chinese firms have been aggressively buying land in Hong

Kong, gobbling up 29 percent of the land sold in 2015-2016. Last

month, two mainland Chinese developers won the tender of a piece

of residential land at a record-breaking price of HK$16.9

billion, highlighting once again the territory's skyrocketing

real estate prices.

HNA made its first land purchase in Hong Kong in November

for HK$8.8 billion, almost double the market's forecasts.

The holding company of Hainan Airlines Co Ltd

said its land bank in the Kai Tak area has reached approximately

37,000 square meters through the four acquisitions, which will

be combined to construct a "world-class integrated residential

complex".

"Our company's acquisition of these four high-quality sites

at Kai Tak in such a short period of time shows our confidence

in the prospects of establishing a new residential and

commercial district in Hong Kong," it said.

($1 = 7.7652 Hong Kong dollars)

(Reporting by Clare Jim; Editing by Muralikumar Anantharaman)