HONG KONG - The Hong Kong railway operator MTR Corporation announced on Thursday that two of its subsidiaries won the land use right of a metro property development site in neighboring Shenzhen.

The subsidiaries will incorporate a project company in the mainland to undertake residential and commercial development on the site, which is above the depot of the Shenzhen Longhua metro line, said their whole owner MTR.

They, as the project company, will be responsible for all development and construction costs.

The land premium is approximately 2 billion yuan ($313 million). The total developable gross floor area of the site is approximately 206,167 square meters.

Part of the net profits generated from this property development will be shared with the Shenzhen municipality to support metro development in Shenzhen, said the MTR.