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
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
"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)