Samsung C&T wins 455 bln won reclamation order in Hong Kong

SEOUL, Dec. 25 (Yonhap) -- Samsung C&T Corp., the construction unit of Samsung Group, said Monday it secured a 455 billion won (US$420 million) land reclamation project in Hong Kong. In a joint venture with local company Build King, Samsung C&T received the order from Hong Kong's Civil Engineering & Development Department to reclaim land from the sea for a new town on northern Lantau Island, the company said in a statement. The reclamation project begins in January 2018 and will be completed by July 2024, it said. The value of the overall reclamation project is estimated at $858 million, with Samsung C&T holding a 49-percent stake in the work with the remaining 51 percent held by Build King, it said. (END)