Developer to pay highest price for land in Hong Kong

Hongkong Island Construction Properties Company Limited, a unit of Total Thrive Holdings Limited, beat 19 other tenderers including the subsidiaries of China's biggest property company China Vanke Company Ltd and Hong Kong's largest developer Sun Hung Kai Properties Ltd, according to a government statement. The site, spanning 11,300 square metres with a maximum gross floor area of 60,800 square metres, is located near a stretch of land northeast of the iconic Victoria harbour that used to be the old Kai Tak Airport's runway. Hong Kong's real estate is among the most expensive in the world. Government data released on Monday showed home prices rising for six consecutive months to hit the highest level in nearly a year.