(Yicai Global) Aug. 10 -- An investment institution oflocalbillionaire Li Ka-shinghas gained therights todevelop a plot in Hong Kongforthe firsttimesinceheboughta residential sitethereforHKD1.95billion(USD248 million)in September 2016.

Li's company,CK Asset Holdings,wonthebid forthephase III property development project next to the Wong Chuk Hangsubway stationon southern Hong Kong Island,MTR, the operator ofthe special administrative region'smetrosystem,announcedyesterday, withoutgivingthe price, but market insiders estimateitsvalue at around HKD36 billion.

Li'slatestland purchase maybe tied torecently waningenthusiasmforHong Kong landbuysamongChinese.

Risingpropertypricesin mainland Chinahave driven localrealtyfirmsto shop forplots intheir southern neighbor.Purchaseof a high-end residential site worth HKD16.9billion by Shenzhen-based Logan Property Holdings and KWG Property of Guangzhou in Februarylast yearwasthe highest pricepaid fora singletract in Hong Kong in recent years.

The regionsold 314,000 square meters of landforHKD102 billion from May 2016 to Februarylast year, per data fromits property bureau, withmainlandcompaniescontributinghalf.

These have, however, beenlukewarm aboutlandbuysin Hong Kongmorerecently, with nonebuyinglotstherethus farthis year.

Editor: Ben Armour