Tencent Exec Buys Repulse Bay Pad at 18% Off and More Hong Kong Real Estate Headlines

Leading today’s Hong Kong real estate news, properties in the Asian financial hub continue to be sold at knockdown prices, with the chief strategy officer of tech giant Tencent buying a Repulse Bay luxury home at an 18 percent discount, and a top executive at an HKSE-listed engineering firm snapping up a Central shop at 44 percent off.

Also in the news, a Mong Kok hotel which had been the subject of failed deal last month is said to have found a new buyer at a 21 percent markdown from the price that had been agreed to in the cancelled transaction.

Tencent Exec Buys Repulse Bay Home for HK$270M 

Tencent Holding’s chief strategy officer James Gordon Mitchell has acquired a 5,076 square foot (472 square metre) duplex in Repulse Bay for HK$270 million – with the price knocked down 18 percent from the asking rate of H$328 million, according to the South China Morning Post.

The property, which overlooks the bay and has a 1,544 square foot rooftop garden, was sold at the equivalent of HK$53,000 per square foot. Mitchell and his wife Joy Hu Lan-Ya purchased the property  from Hong Kong’s Fok family through investment vehicle Milfield Management. Read More>>

SHK, CK Asset Among 4 Bidders for Kai Tak Site

Hong Kong’s first tender for commercial land this year, at the city’s former airport, received four bids on Friday. Property consultants have revised their valuations for the plot downwards by up to 20 per cent.

The commercial site at Kai Tak, which has been split into three plots, was bid upon by Sun Hung Kai Properties, Hong Kong’s biggest developer by value, CK Asset Holdings, which was founded by tycoon Li Ka-shing, K&K Property and a consortium of Sino Land and Lifestyle International Holding. The city’s Lands Department said earlier that four bids had been received. Read more>>

Engineering CEO Buys Central Shop at 44% Discount

Wai Keung Yuen, deputy chairman and CEO of Hong Kong water utility company Ming Hing Waterworks, acquired a 1,000 square foot (93 square metre) shop in Central for HK$34 million, after the seller reduced the asking price by 44 percent.

Yuen bought the retail unit at 36 Elgin Street for HK$34,000 per square foot on 4 May, with public records showing that he made the purchase through registered company Sunshine Business Holdings Limited. The seller, who acquired the shop in 1987 for HK$6.8 million, had put the property on the market with a price tag of HK$68 million, according to a local media report. The shop is currently leased through March 2022 to an Argentinian restaurant at a rate of HK$80,000 per month which provides the new owner with a 2.8 percent rental yield, if the tenant is still paying rent. Read More>>

Kerry Properties Sells Beacon Hill Villa for HK$350M

Hong Kong developer Kerry Properties has sold a luxury villa at its Mont Rouge project in Beacon Hill to a private investor for HK$350 million, according to a local news report. The buyer paid HK$68,000 per square foot for the 5,128 square foot property at 9 Muk Ning Street in Kowloon Tong.

Despite the transaction achieving the highest price per square foot for a residential property in Kowloon this year, the deal still represents a 17 percent mark down from the HK$82,572 that a pair of houses in the same project fetched in April last year. Read More>>

Mong Kok Hotel Finds New Buyer at 21% Off

A Mong Kok hotel which investor Tang Shing-bor had walked away from last month after his deal to acquire the 50-room property became a victim of the city’s hospitality downturn has reportedly found a new buyer for HK$260 million — a price around 21 percent less than Hong Kong’s “Shop King” had planned to pay for the asset, according to a local news account.

Tang had agreed in July last year to purchase the H1 Hotel at 423–425 Reclamation Street from “Shoe King” Frank Leung Yat Cheong and Lam Chun Kei for HK$328 million, before cancelling the deal last month and forfeiting a HK$32.8 million deposit. Read More>>

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