Hopewell Holdings has won approval for a project in Wan Chai after reaching a land exchange deal with the government. It would pay a land premium of HK$3.73 billion and give up about 62,816 square feet of land at or near Ship Street, Kennedy Road and Hau Fung Lane in Wan Chai for 105,917 square feet of government land in the same area.
     Assuming a rental return of about 5% for the 1,024-room hotel and the 335,000 square feet commercial space, analysts estimate the project would be worth HK$13.7 billion. Construction is expected to start this year and finish in 2018.
     Hopewell has been amassing a land bank in the area for decades and first sought Town Planning Board's approval for the development in November 1982.