Sun Hung Kai Properties has generated 3.5 billion Hong Kong dollars (451.6 million US dollars) in revenue over the past two weeks from the sale of 150 units at the Cullinan, according to local media on Monday.

The Cullinan, an 825-unit project, is the luxury residential project of the local developer's new development at MTR's Kowloon Station.

Victor Lui Ting, an executive director of Sun Hung Kai Real Estate Agency, said the sales had been achieved in the two weeks to yesterday at an average price of 19,445 to 27,778 U.S. dollars per square meter, the South China Morning Post Monday reported.

"In the first batch, we aimed to sell about 200 units for 5 billion Hong Kong dollars (645.1 million US dollars). We have achieved 70 percent of our target in two weeks. We are satisfied with the response," he said.

The result showed that the global financial crisis has not affected the sales of quality property projects in Hong Kong, Lui Ting told the newspaper.

"Many buyers around the world, including from New York and London, are interested in investing in the Cullinan as the Hong Kong market is performing much better than overseas markets." he said.

(Xinhua News agency February 23, 2009)