TST PROPERTIES & SINO LAND (00247.HK/00083.HK): Consortium bid of HKD 1.03 billion for Hung Shui Kiu land accepted, JVs established for acquisition and development
NewTimeSpace News: On 24 August 2026, Tsim Sha Tsui Properties Limited (stock code: 00247) and Sino Land Company Limited (stock code: 00083) jointly announced that the tender submitted by JVC1 on 3 July 2026 with a land premium of HKD 1.03 billion was accepted by the Government of the Hong Kong Special Administrative Region on 24 August 2026, pursuant to which the four sites in the Hung Shui Kiu/Ha Tsuen New Development Area will be acquired and developed.
The announcement stated that the JVCs are single-purpose project companies established by six joint venture partners, namely China Overseas (17%), China Merchants Land (17%), China Resources Land (Overseas) (17%), CTS Travel Investment (15%), JD.com (17%) and Sino Land (17%), for the purpose of submitting the tender. JVC1 (Hung Shui Kiu New Development Company Limited) is the tenderer responsible for acquiring and developing the sites, while JVC2 (Hung Shui Kiu Project Company Limited) provides a performance guarantee to the Government in respect of JVC1's obligations relating to HSK 19. The total capital commitments of the partners are expected to be approximately HKD 16.8 billion, of which Sino Land is expected to contribute approximately HKD 2.856 billion, representing its 17% equity interest in the JVCs.
The sites comprise three residential/commercial sites at HSK 18, HSK 20 and HSK 21 and one Enterprise and Technology Park (E&TP) site at HSK 19, with a total site area of approximately 36,202 square meters and an allowable gross floor area of approximately 220,000 square meters. Upon completion of development, HSK 18, HSK 20 and HSK 21 are expected to provide approximately 156,072 square meters of residential gross floor area and approximately 13,006 square meters of commercial gross floor area; the E&TP site at HSK 19 has a proposed gross floor area of not less than 30,570 square meters, intended for modern logistics and technology office/laboratory use, expected to be developed into a world-class smart modern logistics center with a JD.com Group company as the anchor tenant.
Under the Listing Rules, as one or more of the applicable percentage ratios in respect of the estimated total capital commitments to be deployed by Sino Land in the JVCs for the acquisition and development of the sites exceeds 5% but is below 25%, the establishment of the JVCs constitutes a discloseable transaction for TST Properties; Sino Land publishes this announcement voluntarily together with TST Properties. The directors of both companies consider that Sino Land's commitments in the JVCs are entered into on normal commercial terms and on fair and reasonable terms, in the interests of both companies and their respective shareholders.
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