Anbao Engineering's wholly-owned subsidiary, Jihao Limited, has won the bid for residential land in Area 106A of Tung Chung, with a price of HKD 1.627 billion, equivalent to a land price of about HKD 3,050 per square foot, which is considered a higher level than market expectations.

Anbao Engineering announced that the acquired land will be developed into private residential units. The company holds an optimistic view on the long-term prospects of this investment, diversifying its business and expanding into real estate development, thereby increasing the group's long-term revenue sources and creating business synergies by combining its core construction capabilities.

The board of directors believes that the terms of the land sale are normal commercial terms, and the potential acquisition is fair and reasonable, aligning with the overall interests of the company and its shareholders.

The project site area exceeds 152,000 square feet, with a maximum floor area of over 533,000 square feet, and is expected to provide approximately 990 residential units.

Editor: Fang Jiali