Billionaire Cai Kui has been revealed as the owner of Asia’s second-priciest house
Leading today’s Hong Kong real estate news, billionaire Cai Kui, co-founder of Longfor Properties and owner of Hong Kong-based Junson Capital, is now believed to be the buyer of a luxury house in the exclusive Mount Nicholson area in the Peak area, that became the city’s second-priciest home on a per square foot basis when it changed hands in March. Also in the headlines, construction of micro-flats has skyrocketed in just the last few years as residents struggle to afford reasonably sized dwellings, and the chairman of local giant New World Development is launching sales of homes in his new London project later this week. All these stories and more await you, if you just keep reading.
Longfor Co-Founder Outed as Buyer of HK$1.4B House at the Peak
Cai Kui, co-founder of Longfor Properties and the ex-husband of Wu Yajun, is said to be the buyer behind the March transaction of Asia’s second-most expensive house in terms of price per square foot. Cai paid HK$1.39 billion, or HK$151,785 ($19,400) per square foot for the house in the project Mount Nicholson on the peak.
Data from the Land Registry shows the property’s registered owner is Cai Kui, the same name as the co-founder of Longfor Properties. Cai divorced Wu Yajun six years ago. Read more>>
Construction of Tiny Flats Surges from Zero in 2012
Hong Kong home hunters are feeling the squeeze, with more than eight times as many micro-flats built in the city in 2017 as there were five years ago, according to new data.
Last year, 691 private flats of less than 20 square metres, or about 206 square feet, were completed. And those so-called shoebox homes accounted for about 4 percent of the 17,791 private residential units completed in the year, according to figures released to legislators on Monday. In 2016, only 206 such flats were completed, or 1.4 percent of the year’s total. Read more>>
Four Shops in To Kwa Wan Sold for Nearly HK$100M
Four adjoining street-front shops in Fortune Building at 111 Pak Tai Street, To Kwa Wan in eastern Kowloon have been sold for HK$98.8 million, along with a loft, according to Midland Realty. The seller Wuyi Group has sold to an unnamed prominent family in Hong Kong.
The shops have a combined area of 3,621 square feet, while the loft has 3,616 square feet floor area. A pair of the shops is leased to a real estate agency for HK$58,000 and HK$49,800 per month respectively. The remaining shops are currently vacant after a restaurant moved out recently. Read more>>
New World Boss Launches Sales of London Condos in HK
Hongkongers are getting the chance to buy in to a new development in London with flats in a waterfront building coming on to the market.
Henry Cheng Kar-shun, chairman of Hong Kong’s New World Development, will release his £8.4 billion (US$11.97 billion) redevelopment project in East London to local buyers on Friday, April 20. Read more>>
Swire’s Cityplaza Welcomes 10 New Shops and Restaurants
Swire Properties has introduced 10 new shops and restaurants in its shopping mall Cityplaza in Tai Koo Shing after some 20 new brands were brought in last year.
Hong Kong’s first lifestyle cinema, MOVie MOVie Cityplaza, also has opened. Fiona Shiu, deputy director, retail (Hong Kong), Swire Properties, said sales at the mall grew at a single-digit pace in the first quarter. Sales in Pacific Place in Admiralty, grew at a double-digit rate in the same period. Read more>>
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