HENDERSON Land Development Co, a builder controlled by its billionaire Chairman Lee Shau-kee, is to buy stakes in two Hong Kong real estate projects from Lee for HK$1.28 billion (US$164 million) to increase its local holdings.

The company will buy 100 percent of a project in the suburban Shatin district for HK$548.9 million and a 60 percent stake in a project on Conduit Road in the city-center Mid-Levels district for HK$729.7 million, according to a company filing to Hong Kong's stock exchange yesterday.