Soy Milk Heiress Buys Sting’s NYC Flat for $50M and More Hong Kong Real Estate Headlines

Leading today’s Hong Kong roundup, a billionaire heiress to a soy milk empire has been revealed as the mystery buyer of British rocker Sting’s massive penthouse overlooking Central Park in Manhattan. Also in the headlines, a residential plot in the Kai Tak area, valued at up to HK$25.5 billion, drew a total of five bids from developers including CK Asset, Sun Hung Kai and Henderson Land, and “Superman” Li Ka-shing has formally stepped from his role as chairman of CK Asset and CK Hutchison, handing the reins to his son Victor Li. And keep your eyes open for the impact of interest rate hikes on Hong Kong’s property boom. All this and more awaits you below.

Vitasoy Heiress Bought Sting’s Manhattan Penthouse for $50M

Karen Lo, a Hong Kong heiress whose family started the Vitasoy beverage empire, is the buyer of British rocker Sting’s penthouse at 15 Central Park West in Manhattan, according to two sources familiar with the deal.

Ms. Lo purchased the approximately 5,400-square-foot unit for $50 million in a deal that closed in April. She bought the apartment through a limited-liability company, property records show. Read more>>

Kai Tak Parcel Worth up to HK$26B Draws 5 Bids

Developers bidding for what could become the most expensive plot of residential land in Hong Kong’s history are forming consortiums in what analysts say may be an attempt to spread the financial risk.

At least five bids had been submitted for the parcel on the site of Hong Kong’s former airport, known as Kai Tak Area IF, Site 1, next to Kai Tak MTR station, when the tender closed at noon on Friday. The Lands Department announced it had received five bids for the site. Read more>>

Li Ka-shing Officially Hands Over Control to Victor Li

Billionaire Li Ka-shing — one of the world’s richest men — is set to retire on Thursday ahead of his 90th birthday later this year, capping a career as one of Asia’s most storied businessmen and handing the reins of his corporate empire to his son.

Known as Asia’s “superman,” Li formally stepped down as chairman at the annual shareholders’ meeting of CK Hutchison, his conglomerate with interests in real estate, telecommunications, shipping and retail. He was due to leave a similar position at property arm CK Asset Holdings later in the day at its meeting. Read more>>

Rising Interest Rates Could Dampen Housing Boom

Hong Kong’s lending rates have jumped in recent weeks as authorities work to prop up the territory’s currency, stirring concerns that further tightening could slow the housing market’s bull run.

The three-month Hong Kong Interbank Offered Rate rose for an 18th straight session Wednesday to 1.75 percent, continuing to hit highs last seen in late 2008. Market players are anxious to see how the housing market will be affected. About half of Hong Kong-dollar-denominated loans are thought to be related to real estate. Read more>>

Prices of Residential Parking Spots Tripled from 2010-17

City-wide, while Hong Kong’s private homes roughly doubled in value between 2010 and 2017, the price of a parking spot in residential complexes around the city tripled to an average of HK$1.4 million, according to data from an independent website dedicated to the asset, CarparkHK.com.

“Flats are expensive, but their value won’t jump 100 percent in roughly a year,” said Ms Fan, who does not drive and rents both spaces out for HK$2,300 a month each. “But that’s what’s happening with parking spots. It’s incredible.” Read more>>

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