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HNA's winning bid for Hong Kong residential site tops industry estimates

Onwards Asia Ltd. subsidiary Top Genius Holdings Ltd. prevailed over subsidiaries of top Hong Kong real estate developers after placing the winning HK$5.53 billion bid for a residential site in Hong Kong's Kai Tak area.

The South China Morning Post reported Jan. 25 that HNA Group is behind the acquisition, and that the parcel of land is the company's third in Kai Tak. Valuers cited by the publication said the bid is a 10% premium over market valuations. Earlier, it was estimated that the site could be valued between HK$4.6 billion and HK$5 billion.

Top Genius won over companies such as New World Development Co. Ltd. and China Merchants Properties Development Ltd.'s Good Sense Development Ltd., Vanke Property (Overseas) Limited's Best Wealth Ltd., Sun Hung Kai Properties Ltd.'s Asset Capital Ltd., China Overseas Land & Investment Ltd. and S E A Holdings Ltd.'s Asia Power Development Ltd. and Cheung Kong Property Holdings Ltd.'s Conford Investments Ltd.

The land parcel has a total lot area of 7,318 square meters and can accommodate a gross floor area of up to 39,517 square meters. Top Genius won a 50-year land grant.