The new owners of the Center on Hong Kong’s Queen’s Road are wasting no time in looking for a return on the investment, and their hopes for instant profits of up to 66 percent lead today’s real estate news in Greater China’s financial capital.
Also in the headlines today, Hong Kong’s property prices are not showing any signs of slowing down as the prices for secondhand homes rose for a straight 25th month in April, and representatives of the city’s biggest bank have found themselves dragged into the a family feud among the owners of developer Great Eagle. All these stories and more await you, if you just keep reading.
A price list of 48 floors of The Center, the world’s costliest tower bought by a consortium of investors from Hong Kong, is being circulated to gauge market sentiment for a possible resale, hardly a month since the record HK$40.2 billion (US$5.2 billion) deal was completed.
The list, containing asking prices for the resale units by the investors of the consortium, was sent to potential buyers by property agents, asking for a premium of up to 66 percent. The list being circulated also shows each floor’s owner from the 19th floor to the 78th of the world’s priciest office building in downtown Central. Read more>>
The prices of lived-in homes in Hong Kong gained for a 25th straight month as the world’s most expensive property market shrugged off concerns about increased supply and an imminent rise in interest rates.
Flats at the smaller end of the spectrum saw the greatest price gains as flats in major housing estates sold at record prices. An index of secondary-market home prices climbed 1.84 percent to 375.9 in April, according to data released by the government’s Rating and Valuation Department on Thursday. That’s faster than the 1.15 percent gain in March. Read more>>
The Urban Renewal Authority’s move to disclose the winning tender’s value, the list of bidders and an anonymous list of submitted bids for the first time as part of a redevelopment project, has received a strong response, as more than half of the invited developers have submitted bids.
The Tung Chau Street/Kweilin Street Demand-Led Redevelopment Project in Sham Shui Po received bids from 20 of the 38 invited developers, according to the authority. Read more>>
Swire Properties said today Nicholas Adam Hodnett Fenwick has been appointed as a non-executive director from today. Feneick, 57, has been a non-executive director of John Swire & Sons Limited since June 2002.
He was employed by the Swire group from 1985 to 1995 and worked for the group in Hong Kong, Singapore, Taiwan, the Philippines and the U.S. Read more>>
Hearings continued in the High Court today for a second day in the case filed by Lo To Lee-kwan, the matriarch of local property giant Great Eagle Holdings, to dismiss HSBC as trustee of the family trust.
HSBC International Trustee’s lawyer, Paul Girolami, QC, pointed out in his submissions that the case appeared to be a dispute between Lo To and the trustee, but the more important background is the internal division of the Lo family. Read more>>
Hongkong Land today officially opened WF Central, its $1.2 billion first flagship retail-led project in Beijing. The developer says that the new shopping centre will play a crucial role in the redevelopment of the historic Wangfujing area of Beijing into a pre-eminent destination for retail, dining and commercial activities.
Drawing from the success of Landmark – a leading retail complex in Hong Kong – and the shared vision of Hongkong Land and the Dongcheng District Government, the division of Jardines presented WF Central as the premier shopping and lifestyle destination in Beijing. Read more>>
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