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Kerry Properties wins land bid in HK for HK$2.74 bln

Feb. 10, 2012 (China Knowledge) - Kerry Properties Ltd<0683>, a property and logistics company, yesterday acquired a residential plot in a land auction in New Territories, Hong Kong at a consideration of HK$2.74 billion.

The Hong Kong-listed real estate developer beat six bidders, including China Overseas Land & Investment Ltd<0688>, New World Development Co Ltd<0017>, Henderson Land Development Co Ltd<0012> and Cheung Kong (Holdings) Ltd<0001>, to win the land bid for around HK$2,915 per square feet of potential floor area.

The parcel, which covers an area of 67,147 square meters, is designated to have a floor area between 52,375 sq m and 87,291 sq m. On the site, over 1,100 residential units will be built.

In addition, Kerry Properties has priced a US$500 million five-year bond at 99.142 to yield 5.197%.

HSBC Holdings Plc<0005>, Mizuho and Morgan Stanley were bookrunners for the offering. The senior unsecured bonds have been rated BBB by Standard & Poor's Ratings Services.

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