Hong Kong property tycoon Lee Shau-kee is offering a site near the Chinese border for HK$1 (13 US cents) for a temporary shopping area that will cater to cross-border visitors.
Lee, chairman of Henderson Land Development Co. Ltd. (00012.HK), will lease the land for two years, the Hong Kong Economic Journal reported Tuesday.
The bazaar will mainly serve mainlanders during the peak National Day shopping season in October.
And if successful, it will reduce overcrowding in Hong Kong shops and ultimately ease cross-border tensions, Lee was quoted as saying.
The plot covers 420,000 square feet near the Lok Ma Chau border crossing.
Lee said the lessee should operate the premises on a standalone basis and Henderson Land will have no say in the business.
Henderson is planning to build a shopping mall on the site to serve an international market when the two-year lease ends, vice chairman Lee Ka-shing said.
Meanwhile, the company is pushing ahead with the redevelopment of Tai Hang Sai, a private housing estate in Shek Kip Mei.
About 70 percent of 1,300 households have accepted compensation worth at least HK$200,000 each.
This article appeared in the Hong Kong Economic Journal on March 31.
Translation by Vey Wong
[Chinese version 中文版]
– Contact us at [email protected]