Hong Kong Mulls Self-Development of Kai Tak Road Project Following Bid Rejection

MT Newswires Live11-04

Hong Kong's Urban Renewal Authority (URA) is mulling the development of the Kai Tak Road - Sa Po Road project in Kowloon by itself, Managing Director Wai Chi-sing said in a blog post on Sunday.

The URA said its decision to not award the bid was a responsible move saying it would be unfair to the other companies. The bidder updated its bid to add terms on top of the original bid, Wai said.

CK Asset (HKG:1113) is the only entity to have submitted a bid, according to The Standard.

However, Wai said taking up the development could cause financial pressure on the entity.

Wai said the authority will assess the situation before proceeding with the redevelopment, or it could rebid the project.

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