Vietnamese tycoon Eric Chu Nap Kee, who is betting big on Hong Kong’s Quarry Bay, and his wife
Leading today’s Hong Kong real estate news, ethnic Vietnames businessman Eric Chu Nap Kee is said to have snatched up another Hong Kong island site for HK$678 million. Also in the headlines, Goodwin Gaw has a plan for raising revenue from the 17 retail properties that his team bought from Link REIT, and public consultation on proposals to increase land supply for new homes is set to start in mid-April. All these stories and more await you, if you just keep reading.
Eric Chu Buys Quarry Bay Site For HK$678M
A 4,200 square foot site at 1,5,7 and 9 Finnie Street in Quarry Bay was sold for HK$678 million. Zoned for commercial and residential use, the site was approved last year for construction of a 32-storey hotel with 62,980 square feet floor area.
The seller Henry Ng Chun For bought the property two years ago for HK$360 million, making a HK$318 million profit. The buyer is said to be Vietnamese businessman Eric Chu Nap Kee, who acquired The Wellington in Sheung Wan for HK$3 billion. Read more>>
Gaw Says Raising Rents in Former Link REIT Malls Not “Winning Formula”
Goodwin Gaw, chairman of Gaw Capital Partners, believes he has found the formula for making a profit from his company’s new investment in 17 Hong Kong shopping centres from The Link Real Investment Trust (Link Reit), without having to add pressure to tenants.
The Hong Kong-based Gaw Capital led a consortium with partners including US investment bank Goldman Sachs and China Great Wall Asset Management in the purchase of the malls for HK$23 billion ($2.9 billion) late last year, the biggest ever retail property transaction in the city. Read more>>
Planners Ponder 17 Proposals to Add More Homes in HK
The public consultation on ways to boost Hong Kong’s land supply to ease its housing crunch – including using the Fanling golf course and brownfield sites – is expected to start on April 15 and of the 17 proposals up for discussion, four could yield results in the next 10 years.
Stanley Wong Yuen-fai, chairman of the government-appointed Task Force on Land Supply also added that a subgroup of the task force would meet on Thursday to finalise details of a booklet for the long-awaited public feedback process. Read more>>
Government Approves Land Swap on The Peak
The Executive Council has approved a land-swap deal on The Peak which will clear the way for a development on a piece of green belt land next to Aberdeen Country Park.
The green belt site is being exchanged for the adjacent 23 Coombe Road property, which houses the Grade-1 historical building the Carrick. Read more>>
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