Hong Kong, 24 Aug 2026—Tsim Sha Tsui Properties Ltd. (TST Properties) and its listed subsidiary Sino Land Co. Ltd. (Sino Land, 00083) jointly announced the formation of two special-purpose joint ventures (JVC1 and JVC2) with five mainland partners and the successful tender for four development sites in the Hung Shui Kiu/Ha Tsuen New Development Area, New Territories.
Consortium structure and investment scale • Shareholders: China Overseas (17%), China Merchants (17%), CR Land (Overseas) (17%), CTG Investment (15%), JD.com International (17%) and Sino Land (17). • Total committed capital: approximately HK$16.80 billion, reflecting budgeted land premium and construction costs. • Sino Land’s commitment: about HK$2.86 billion, funded by internal resources and/or bank facilities. • Governance: each of the two JVs will have 12 directors, with every partner entitled to nominate two seats. Financial results will be equity-accounted in TST Properties’ and Sino Land’s books.
Tender terms and financing • Land premium for the four sites (HSK 18, 19, 20, 21): HK$1.03 billion, of which HK$50.00 million deposit has been paid; HK$53.00 million is due by 2 Sep 2026; the remaining HK$927.00 million is payable within 28 days of the acceptance letter. • Primary funding will be sourced from external bank loans; any shortfall will be met through pro-rata shareholder loans. Partners will provide guarantees or securities to lenders proportionate to their stakes. • JVC2 will issue a performance guarantee and bank bond (up to HK$10.00 million) to the Hong Kong SAR Government for obligations related to the E&TP site (HSK 19).
Project scope • Combined site area: approximately 36,202 sq m with a maximum permissible gross floor area (GFA) of about 220,000 sq m. • Residential/Commercial (HSK 18, 20, 21): 156,072 sq m of residential GFA plus 13,006 sq m of non-industrial/commercial GFA. • Enterprise & Technology Park (HSK 19): up to 50,950 sq m of non-residential GFA, including at least 30,570 sq m earmarked for a world-class smart modern logistics centre to be anchored by a JD group company.
Regulatory treatment • For TST Properties, Sino Land’s 17% stake—and corresponding HK$2.86 billion commitment—results in applicable percentage ratios exceeding 5% but below 25% under Hong Kong Listing Rule 14.07, classifying the JV formation as a discloseable transaction. • Required filings have been made; Sino Land’s disclosure is on a voluntary basis.
Strategic rationale Expanding residential, commercial and logistics footprints in the emerging Hung Shui Kiu district aligns with both groups’ core property development strategies. The multi-party structure diversifies risk while combining residential expertise with JD’s logistics capabilities to create an integrated urban and technology hub.