Chinese construction and engineering company Qingjian Group Co. Ltd.'s unit, CNQC International Holdings Ltd., will begin construction works on a site it purchased in the Yau Tong district within Hong Kong's Kowloon East constituency for HK$530 million from Shiu Wing Steel Ltd., Mingtiandi reported.

The 23,582-square-meter industrial site at 18 Tung Yuen St. has planning permission in place for up to 119,000 square feet of residential space under the government's plan to transform the Kowloon East area into a commercial and residential hub.

The site is currently leased to a cement factory at a monthly rental rate of HK$1 million until June 30, 2020, according to the Oct. 9 report.

CNQC International is aiming to own four redevelopment projects in Hong Kong by 2018-end, the news outlet added, citing Michael Cheng, chairman of CNQC International.