Non-traditional Hong Kong bidder tops property giants in Tung Chung HK$1.6b land auction

“Hong Kong construction and engineering company Able Engineering has secured a residential site in Tung Chung for a higher-than-expected HK$1.627 billion (US$207 million) premium, outbidding five groups of major developers in the city. Able Best, a construction and private development unit of Able Engineering, secured a 50-year land grant for the 152,332 sq ft plot, according to a statement from the Lands Department on Tuesday. The winning bid topped analysts’ estimates, which ranged between...

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