Leading today’s Hong Kong real estate news, HNA said it would not partner with Sun Hung Kai Properties to develop the site in former Kai Tak airport. Also in the headlines, Henderson Land paid HK$2.5 billion as land premium for a parcel in Fanling. All these stories and more await you, if you just keep reading.
HNA Group, the Chinese conglomerate which won four sites on the former Kai Tak airport site, for a combined HK$27.2 billion ($3.48 billion), said it would develop the site alone. “We have discussed with various parties but have not come up with any plan to jointly develop the project,” said Liu Junchun, vice-chairman of HNA’s listed unit Hong Kong International Construction Investment Management Group.
There were media reports last week that the mainland conglomerate was in talks to partner with Sun Hung Kai Properties for a loan to refinance its repayment liabilities linked to one of the sites. Read more>>
Henderson Land paid HK$2.5 billion ($320 million) as land premium to the government to convert a site in Fanling to a residential parcel. The site has a buildable area of 603,000 square feet (56,020 square metres). Premium per square foot is HK$4,200 ($537), 20 percent higher than the plot in the same district purchased by Sino Land through auction four years ago.
The parcel is approved by the government to build five blocks of residential buildings, providing more than 1,000 units. Read more>>
Beijing-based smartphone maker Xiaomi leased a retail space of 6,208 square feet for HK$ 1.5 million ($191,854) a month on the ground floor of Chong Hing Square. The rent per square foot is HK$241 ($31). It is the brand’s first store in Hong Kong located on ground floor.
The space faces Nathan Road, a retail hub in the city. The previous tenant of the space was local jewellery retailer Chow Tai Fook, which paid as much as HK$3 million ($383,708)for the place during retail peak season. Read more>>
Shophouse tycoon Tang Shing-bor is close to sell two industrial buildings to a group for HK$2.1 billion ($269 million), or HK$7,200 ($929) per square foot. The two buildings are on no. 1 and 3 San Hop Lane in Tuen Mun, the New Territories.
The building on no. 1 San Hop Lane was approved earlier to be re-developed as a 10-storey office building of 85,000 square feet GFA with retail space on the first four floors. The adjacent building on sale is to be re-developed as a 28-storey commercial building comprised of 204,000 square feet GFA. Read more>>