Ronnie Chan said Hang Lung might consider buying sites in the city’s Kai Tak area
Leading today’s Hong Kong real estate news, an office unit just sold in Wan Chai for a record-breaking price, while a top jewelry retailer saw its rent in Causeway Bay slashed 40 percent. Also in the headlines, Hang Lung Properties’ Ronnie Chan has opinions on the market in Hong Kong and the mainland, and maybe more if you give him a chance. All these stories and more await you, if you just keep reading.
Convention Plaza Office Unit Sets Wan Chai Price Record
A 1,200 square foot (111 square metre) unit in Convention Plaza Office Tower in Wan Chai sold for HK$46 million ($5.9 million), or HK$38,333 ($4,900) per square foot. The price per square foot broke the record of HK$38,000 ($4,858) in the same building set in December.
The deal for the unit in the commercial building along Harbour Road also stands out as the most expensive to date in the major commercial area two stops east of Central, and ranks as the sixth-highest price for an office unit in the city. Read more>>
Hang Lung May Buy Kai Tak Sites at the Right Price
Ronnie Chan, chairman of Hang Lung Properties, said a number of developers in Hong Kong have interest in sites in the Kai Tak area. He added that Hang Lung might consider buying parcels in Kai Tak at the right price.
Chan, whose company has built a portfolio of commercial projects China’s major cities, say his firm will also seek to acquire more land parcels in the mainland in the future. Read more>>
Rent for Chow Tai Fook’s Causeway Bay Shop Cut by 40%
Jewelry retailer Chow Tai Fook renewed its lease of a 1,700 square foot shop in Causeway Bay for HK$900,000 ($115,048) per month, 40 percent lower than the previous monthly rent of HK$1.5 million ($191,747).
Senior investors John Tong Chor Nam and Herman Tsoi Hak Chiu purchased the retail space for HK$460 million ($59 million). The new rent represents 2.35 percent rental yield for the owner. Read more>>
Hopewell Holdings Interim Core Profit Climbs 13%
Hopewell Holdings said ts interim core profit climbed 13 percent from the previous year to HK$759 million ($97 million). An interim dividend of HK$55 cents was declared.
Basic earnings per share were HK$2.43, up from 99 cents a year ago. But the Hong Kong-based property, infrastructure, hotel and hospitality group’s revenues fell to HK$3.32 billion ($424 million) from HK$3.38 billion ($432 million). Read more>>
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