00041 Overview

Acquisition Details: GREAT EAGLE H, in partnership with SINO LAND, acquired a residential site in Jordan Valley for $1.61 billion, marking their first residential site acquisition of the year.

Strategic Importance: The site is located in East Kowloon, an area with strong transportation links and community facilities, which is expected to enhance the Group's land reserves and future development potential.

Commitment to Development: GREAT EAGLE H expressed confidence in Hong Kong's long-term development prospects and plans to continue forming strategic partnerships to identify future development opportunities.

Market Context: The short selling data indicates a significant interest in both GREAT EAGLE H and SINO LAND, with respective short selling ratios of 6.021% and 13.954%.

Joint Venture Formation: SINO LAND and GREAT EAGLE H have formed a joint venture, King Virtue Limited, to acquire New Kowloon Inland Lot No. 6674 for $1.61 billion, reflecting their confidence in Hong Kong's development prospects.

Strategic Development Plans: SINO LAND plans to actively seek new development opportunities to expand its land reserves and create quality projects, emphasizing a prudent yet proactive strategy for long-term value creation.

Tender Award Announcement: The Lands Department awarded the tender for New Kowloon Inland Lot No. 6674 to King Virtue Limited for a 50-year land grant at a premium of $1.61 billion, slightly above market estimates.

Site Details: The site, covering approximately 3,830 square meters, is designated for non-industrial purposes and will include facilities for mentally handicapped persons, to be constructed by the purchaser.

Bidding Competition: A total of 8 tender documents were submitted by various Hong Kong developers, including notable companies like CK ASSET, HENDERSON LAND, and KERRY PPT.

Market Outlook: Analysts from M Stanley predict an increase in Hong Kong home prices, office rents, and retail sales this year, favoring the residential property market.