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Chinachem wins $335 mln site bid

Alex Frew McMillan Reuters 01/13/2012 18:51
By Alex Frew McMillan

By Alex Frew McMillan

Hong Kong property developer Chinachem Group said it won the tender to develop a site next to its Tsuen Wan headquarters for HK$2.6 billion ($334.7 million).

Chinachem's unit Denny Investment Ltd won the right to develop the Cityside site at the West Rail Tsuen Wan West Station, the company said.

MTR Corp and West Rail Co notified Chinachem it had won the right to develop the project.

This will be the first project that Chinachem, Hong Kong's largest privately held developer, has worked on with MTR, which runs Hong Kong's subway system.