Apart from participating in government tenders, Henderson Land Development Co. Ltd. intends to grow its land bank by converting farmland and redeveloping aging Hong Kong districts, Vice Chairman Martin Lee said, according to the South China Morning Post.
Lee said during a June 1 media briefing that regardless of wider economic conditions, Henderson Land would consider acquiring land in good locations through the tender process or using other methods.
The diversified property developer holds the largest farmland portfolio in Hong Kong, according to the June 2 report. Henderson Land's 40.5 million-square-foot portfolio, located mainly in the city's Hung Shui Kiu and Yuen Long North districts, could yield 64,300 flats across 61.8 million square feet of gross floor area.
The developer has doled out HK$3.7 billion on converting farmland plots, the report added.
Still in pursuit of its portfolio expansion, Henderson Land paid HK$34.6 billion for the purchase of majority stakes in 51 old tenement buildings in various Hong Kong areas including Sheung Wan, the Mid-Levels and Jordan. The buildings could yield 4.2 million square feet of gross floor area once redeveloped, the publication reported.
