The Hong Kong government auctioned a parcel of land in Causeway Bay this week for the first time since 1997, and it sold for much more than expected. Hysan Development Co. and Chinachem Group paid the equivalent of $2.5 billion for the 159,330-square-foot property, according to Bloomberg. Midland IC&I most recently valued the property on Caroline Hill Road at around $1.9 billion. The land would yield about 1.1 million square feet of buildable space. The
SOURCE: The Real Deal New York – Read entire story here.