Two mainland Chinese companies outbid Hong Kong’s largest developers with a HK$16.9 billion ($2.2 billion) offer for a rare residential waterfront site, the highest price ever posted in a government land sale. Logan Property Holdings and KWG Property Holding beat 13 other bidders including Cheung Kong Property Holdings Ltd. and Sun Hung Kai Properties, according to a statement Friday from the Hong Kong Lands Department. The purchase works out to about HK$22,100 per square foot, according to Bloomberg calculations based on government data. The site in Ap Lei Chau island, which is connected to Hong Kong island by bridge, was hotly contested by developers keen to build in an area connected to the city’s extensive subway lines in December.
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