Property dynasties lead the way in Mingtiandi’s roundup of real estate headlines today with the news that the biggest four Hong Kong tycoons have passed on empires worth a combined $109 billion, while the Chinese government has taken another step to mop up after the collapse of a giant insurance group.
In other news around the region, a co-working provider adds a fifth location to its Hong Kong portfolio, adding even more shared desks to the city, while the late Walter Kwok’s HK$6 billion dream will come true by 2023.
Elsewhere, a big sale of CDs could be on the way at a famous music store after potential buyers walk away.
The last of Hong Kong’s ‘Big Four’ property dynasties is handing over the reins to a younger generation, completing a flood of successions at family empires worth $109 billion.
Lee Shau-kee, the city’s second-richest man, announced his plans to step down as chairman of Henderson Land Development Co. Tuesday. He’ll be succeeded by his two sons. Lee’s retirement comes one year after Victor Li, son of Hong Kong’s richest man Li Ka-shing, took over the chairmanship of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd. from his father. Read more>>
Co-working space theDesk is adding a fifth location to its body of Hong Kong premises.
Set to open in Q4 of 2019, the new space, it will be located at the Strand 50 property, Sheung Wan, (currently Bonham Trade Centre, to be renamed effective from 1 September 2019) owned by real estate investment trust Sunlight REIT. Read more>>
The Chinese government is taking a major step in its efforts to sell a strategic stake in Anbang Insurance Group Co, the acquisitive insurer it took over last year amid a fraud investigation into its former chairman.
Under a plan overseen by the industry regulator, most of Anbang’s businesses will be moved into a newly created company called Dajia Baoxian, people with knowledge of the matter said. Some policies sold by Anbang’s property insurance unit won’t be transferred to the new entity, the people said, asking not to be identified discussing sensitive information. Read more>>
The ambition of the late Hong Kong property tycoon Walter Kwok Ping-sheung to redevelop the 50-year-old Mariners’ Club in the city’s busy shopping hub into an upscale hotel will be realised by 2023, and managed by InterContinental Hotels Group.
The Empire Group, once led by Kwok, the former chairman of Sun Hung Kai Properties, announced the appointment of InterContinental on Tuesday, revealing that construction of a HK$6 billion building in Tsim Sha Tsui could begin soon. Read more>>
Chinese developers are eyeing Hong Kong’s industrial property market, which has been traditionally dominated by local investors, as they gauge the value created by the conversion and redevelopment of aged structures in the world’s least affordable housing market.
The value of industrial properties sold to mainland developers or investors totalled HK$2.32 billion ($295.56 million) in 2018, reflecting a rise of 44.3 percent from a year earlier, excluding revitalised buildings which underwent complete conversion, according to data from CBRE. Read more>>
Prices of completed private apartments and condominiums in Singapore inched up 0.2 percent in April from the previous month, after staying flat in March.
The figures are flash estimates released on Tuesday (May 28) by the National University of Singapore (NUS) for its Singapore Residential Price Index (SRPI), which tracks prices of completed non-landed private homes. Read more>>
HMV may hold a huge liquidation sale in Hong Kong with tens of thousands of discounted CDs, records and DVDs up for grabs after two potential buyers decided to walk away from the bankrupt music giant, according to its liquidator.
Several would-be buyers had been gearing up to act as white knights by acquiring the 25-year old Hong Kong arm of the iconic music vendor after it went into provisional liquidation in December, said Wong Sun-keung, a partner at accounting firm Vision AS. Read more>>