Mainland developer China Vanke wins HK$3.4b Tsuen Wan West site

China Vanke, the mainland's biggest property developer by market value, has made its first foray into Hong Kong's property market by acquiring a residential site on the Tsuen Wan waterfront in partnership with New World Development.

The consortium beat seven players, including Hong Kong's heavyweights Cheung Kong (Holdings) and Sun Hung Kai Properties, to win the tender for the West Rail Tsuen Wan West station project at a cost of HK$3.43 billion, or HK$5,088 per buildable square foot.

via Business feed http://www.scmp.com/business/companies/article/1134706/mainland-developer-china-vanke-wins-hk34b-tsuen-wan-west-site