Trans Tasman splashes out on second Hong Kong deal

Wednesday 15 September 2004

Real estate developer Trans Tasman Properties made its second strike on Hong Kong land holdings yesterday, taking its Asian purchases up to $223 million in just four months.

By The Landlord

The Auckland-headquartered listed company said it would build a 350-unit apartment block, carparks, shops and offices in Hong Kong, after signing up to spend $111 million on the latest land deal.

On the same day as Trans Tasman's $101 million deal to sell its Auckland's Finance Centre to Wellington's St Laurence Group was due to go unconditional, the developer said it had bought a 2250 sq m Kowloon site.

The deal is the second big Hong Kong acquisition for the company that, in June, incurred criticism for splashing out $112 million on another building site there.

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