Chen Hsong is buying 28 Dorset Square in London
A six decade old Hong Kong company is shaping a new future in London, after branching out from injection molds. Also in the news, Wong Chuk Hang continues to be a hot spot after the opening of the South Island Line last year, and Chinachem wants to give startups a break in TST. Keep reading for all these Hong Kong stories and more.
Chen Hsong Holdings Buys London Building for £33.1M
Hong Kong investor Chen Hsong Holdings has entered the UK property market with a debut £33.1m acquisition of 28 Dorset Square from Harbert Management and XLB.
The Grade A, 23,200 sq ft office occupies a highly prominent corner site on Dorset Square, adjacent to Marylebone Station. Currently leased to Orbis Investment Advisory, 28 Dorset Square was completed in 2006 and has recently undergone a major refurbishment by the tenant. The transaction reflected a net initial yield of 4%. Read more>>
Trillion Grand Sells Wong Chuk Hang Assets for $18.6 Million
Hong Kong-listed holding company Trillion Grand has sold the ninth floor of Global Trade Square in Wong Chuk Hang, together with three parking spaces for HK $145 million ($18.6 million).
According to an announcement on the HKEX news, the properties were acquired for HK $128 million($16.4 million) in October 2016. The 7,906 square-foot office space is currently being leased to a tenant under a tenancy agreement and the monthly rent receivable in respect of the property is HK $200,000 ($25,618). Read More>>
Hong Kong Housing Prices Expected to Rise 10-20% in 2018
The dream of owning a home in Hong Kong will become even less attainable for those seeking to get on the housing ladder next year, as prices in the city are forecast to rise 10 to 20 percent, according to predictions by the city’s two major property consultants.
The property market, already ranking as the world’s least affordable urban centre, will be propelled higher by the wealth effect from the booming stock market, record-low unemployment and high economic growth, the analysts said. Read more>>
Hong Kong-Based Chinachem Offer Office Building to Start-ups at Discount
Chinachem Group is to rent out its office building in Tsim Sha Tsui at a discounted rate for business start-ups, especially for the young. It is also joining a government program to lease 16 residential units for those who have yet to be allocated public housing. Read more>>
Conservationists Fight to Save Historic North Point Theatre
Conservationists on Sunday renewed their fight to save a historic theatre in North Point from demolition by calling for renovation rules to be relaxed as a lengthy acquisition of the property is expected to be completed soon.
The appeal was made on the eve of the 65th anniversary of the opening of the Empire Theatre, on December 11, 1952. The 1,400-seat complex, now called the State Theatre but used as a snooker parlour, is one of the last post-war stand-alone theatre structures in the city and the only building with an iconic flying buttress. Read more>>
Stamp Duties Collection from Hong Kong Buyers Rise to the Highest in 2017
Stamp duties collected from home purchases in November amounted to HK $1.07 billion ($137 million), up substantially from HK $566.8 million ($71.3 million) the previous month and the highest monthly figure so far this year.
Inland Revenue Department data also show that double stamp duty amounted to HK$1.93 billion ($247.2 million), while special stamp duty stood at HK$23 million ($2.9 million)both in November. Read more>>
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