Housing scheme at bayside looks a starter

A green light is expected for a scheme to build 1,233 transitional homes at Lau Fau Shan on Deep Bay near Tin Shui Wai.

New World Development (0017) has lent a site there to the Tung Wah Group of Hospitals to build the homes.

A site area of around 204,300 square feet will be good for housing 2,832 people, and if all goes to plan construction should be completed in 2024.

Meanwhile, New World has also formed a strategic alliance with HKT (6823) to accelerate the digital transformation of NWD's growing business ecosystem in Hong Kong and the mainland.

The two have agreed to leverage the latest cloud-based technologies and create a "workplace for tomorrow" for cross-border communications and collaboration.

On another front, Henderson Land Development (0012) is to put at least 65 more flats on the market with a 1-2 percent price hike for Baker Circle Dover in Hung Hom.

The new round of sales will take place next week.

In Tseung Kwan O, joint developers could also increase the prices on upcoming price lists for Villa Garda I, phase 11B, at Lohas Park.

A new batch of flats is expected to be released this week, and sales arrangements will be announced next week.

The project of 592 flats has been developed by Sino Land (0083), K Wah International (0173) and China Merchants Land (0978).

In other action, the Hong Kong Monetary Authority bought another HK$8.58 billion from the market to stop the local currency from weakening. The aggregate balance decreases to HK$233.3 billion today.