(Yicai Global) Aug. 10 -- An investment institution of local billionaire Li Ka-shing has gained the rights to develop a plot in Hong Kong for the first time since he bought a residential site there for HKD1.95 billion (USD248 million) in September 2016.

Li's company, CK Asset Holdings, won the bid for the phase III property development project next to the Wong Chuk Hang subway station on southern Hong Kong Island, MTR, the operator of the special administrative region 's metro system, announced yesterday, without giving the price, but market insiders estimate its value at around HKD36 billion.

Li's latest land purchase may be tied to recently waning enthusiasm for Hong Kong land buys among Chinese.

Rising property prices in mainland China have driven local realty firms to shop for plots in their southern neighbor. Purchase of a high-end residential site worth HKD16.9 billion by Shenzhen-based Logan Property Holdings and KWG Property of Guangzhou in February last year was the highest price paid for a single tract in Hong Kong in recent years.

The region sold 314,000 square meters of land for HKD102 billion from May 2016 to February last year, per data from its property bureau, with mainland companies contributing half.

These have, however, been lukewarm about land buys in Hong Kong more recently, with none buying lots there thus far this year.

Editor: Ben Armour