Hong Kong's New World Development and Chinese state-backed China Resources Land said they will jointly build a $1.3 billion housing project in the financial city's "Northern Metropolis" next year. In a joint statement on Wednesday, the two developers said the project will create around 1,800 homes in the Hong Kong government-led property development on the border with China. The project has an estimated market valuation of HK$10 billion ($1.28 billion), a source close to the companies said.