Trans Tasman Properties has spent $112 million on a two-hectare (five-acre) development site in Hong Kong.
Sunday, June 27th 2004, 8:26AM
by The Landlord
"We believe we have bought this land in a recovering Hong Kong property market," chairman Don Fletcher said.
Trans Tasman is looking to the east as it sells mature assets in New Zealand and Australia, where it believes property markets are near the top of their cycles.
Most recently it sold the Fletcher complex in Penrose, Auckland, for $72 million.
Mr Fletcher said the company would remain active in Australasia.
The purchase has been criticised by dissident Trans Tasman investors Latimer Holdings and John Powell, who between them own 3 per cent of the company.
