Ronnie Chan’s Hang Lung is selling off some of its Hong Kong retail centres
Hong Kong’s real estate deal makers don’t seem to have taken much of a holiday break, as we come back after Christmas with news of the city’s shop tycoon buying retail project in the New Territories from Hang Lung, and 19 hopeful bidders competing for a site near the mainland border through a government auction. On a less bullish note, the city’s famously pricey Causeway Bay retail district seems to be continuing its half-off sale on shop rentals, and there are many more stories if you just keep reading.
Tang Shing-bor Buys HK Shopping Center from Hang Lung for HK$330M
Hang Lung Properties has sold off the retail centre at its Bayview Gardens project in Tsuen Wan, to Hong Kong shop king Tang Shing-bor for HK$330 million ($42.3 million) or about HK$5,500 per square foot, according to a report in the Hong Kong Economic Times.
The Hong Kong-listed developer put the 60,000 square foot New Territories property on sale via tender in October, with a target price of over HK$400 million ($51 million). The mall is said to be one of several Hong Kong properties that Hang Lung put on the market recently. Read more>>
Residential Site in Sheung Shui Receives 19 Bids
A plot of land zoned for non-industrial use put up for sale by the Hong Kong government in Sheung Shui received 19 bids before the tender deadline at Friday noon. Chevalier International, Wang On Properties, Emperor International and Sino Land were among the developers bidding for the site in the northern New Territories.
The 2,164 square foot plot on San Lok Street near the border with the mainland is approved for development of up to 9,322 square feet of space with local property agency Centaline estimating that the land would bring bids of around HK$37 million. Read more>>
Asia’s Priciest Retail Street Offers Half-Off Rents
A former watch shop located at 58 Russell Street in Hong Kong’s Causeway Bay has leased out for HK$700,000 ($89,601) per month — about 50 percent lower than the price it was leased for under the previous contract, which was signed in 2011.
Another shop on the same street leased out recently for HK$1 million per month, 55 percent lower than its previous lease to jewelry store Chow Sang Sang. Causeway Bay was recently ranked as Asia’s most expensive retail location, behind only upper 5th Avenue in New York. Read more>>
Carrie Lam Focuses Housing Policy on Boosting Land Supply
Hong Kong’s leader says she has never pledged to turn the tide on surging property prices in the city, which has remained the world’s priciest home market for the seventh year.
Instead, Chief Executive Carrie Lam Cheng Yuet-ngor claimed what she hoped to reverse was the housing shortage. That was why her administration would try to constantly boost land supply in a bid to meet market demand, she added. Read more>>
Land Registry Reveals Buyer of HK$1.2B Pair of Peak Apartments
The name of the buyer who spent an astonishing HK$1.16 billion on two adjoining flats at No 8 Mount Nicholson on The Peak has finally been revealed, but the mystery over who exactly the person is has only deepened.
The Land Registry on Saturday identified the buyer as Lin Zhongmin, sparking frenzied media speculation about where the person comes from. Read more>>
Tune in again soon for more Hong Kong news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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