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The Lands Department has released the tender of Tung Chung hotel site. The land was awarded to the financial group of SHIMAO PROPERTY (00813.HK)  -0.040 (-0.253%)    Short selling $1.75M; Ratio 2.886%   and MINGFA GROUP (00846.HK)  0.000 (0.000%)    Short selling $20.65K; Ratio 0.947%   on a 50-year land grant at a premium of $1.83 billion.

The price was within the market expectation of $1.526 billion to $2.27 billion, in consideration of the maximum gross floor area of 56,715 sq.m with an average price of approximately $2,997.64 per square foot. The market expected that 1,100 rooms can be provided in the project.

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