Morning News &Views -Asia:A Summary of Select Global Markets Research

Henderson Land outbids all Chinese developers to get the Central site. The Lands Department of the HKSARGovernment announced, the evening of 16 May 2017 (HKT), that Henderson Land (12 HK, Neutral) has won thetender for a Central office site at a record-breaking price - whether from Accommodation Value of HKD50,064/sq ft,or from the lump-sum of the land site (HKD23.28bn). To recall, this site has site area of 31,000 sq ft / max. GFA of465,000 sq ft. It is between Hutchison House and Cheung Kong Center, both owned by Cheung Kong Properties.

    Partial north-facing view of this project would be blocked by the Hutchison House in front of it. The announcement byHenderson Land published the evening of 16 May 2017 stated that the project is expected to be completed by 2022.

    I t exceeds 5% of the market cap of Henderson Land, hence an announcement is required.