New World Development (HKG:0017) and China Resources Land (HKG:1109) are in talks with the Hong Kong government to pay a reduced land premium of about HK$1,500 to HK$1,600 per square foot for two plots in Yuen Long, the South China Morning Post reported Thursday, citing a source.
According to the report, the total payment would exceed HK$2 billion, with the government reportedly taking market conditions into account to accelerate development of the Northern Metropolis.
The plots are part of a HK$10 billion joint venture announced in December 2023 to build 1,800 homes on a 720,000-square-foot gross floor area site, with construction slated to begin this year, the report said.
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