Leading today’s Hong Kong real estate news, the city’s “Shop King” Tang Shing-bor seems to be snapping up another shed, with reports that the veteran real estate investor paid HK$1.6 billion for a 13-storey industrial building in the Kwai Chung area of the New Territories.
Also in the headlines, Asia’s largest REIT is investing some of its haul from last year’s mega-sale of shopping malls, and the government is studying ways to combat a housing affordability crisis. All these stories and more await you, if you just keep reading.
Shop King Tang Shing-bor is said to have bought the second phase of the Brilliant Cold Storage facility in Kwai Chung for HK$1.6 billion, which equates to HK$5,517 per square foot. The seller, an unidentified investor, bought the asset for HK$390 million in 2009.
The 13-storey property with 293,850 square feet (27,300 square metres) of floor area is situated at 11-15 Wing Yip Street, in the long-time industrial area of the New Territories. The ground floor of the building is used for cold storage while the first through thirteenth floors serve as warehouses. Read more>>
Link Real Estate Investment Trust, Asia’s largest, said on Wednesday that it would buy back 80 million units worth about HK$5.8 billion ($739 million) as it invests some of the HK$23 billion made from the divestment of some of its properties last year and from stronger rental income from its portfolio.
Link, which owns 61,000 car parking spaces and 109 retail properties that are mostly near public housing estates, had sold 17 properties last November. Read more>>
The Hong Kong government is about to complete a study on imposing a vacancy tax on developers who hoard empty flats, Financial Secretary Paul Chan Mo-po said during a legislative meeting. It is not clear when officials will reveal the research results.
“Hong Kong’s housing prices have largely exceeded affordability levels,” Chan said when questioned by a legislator on when the government would unveil such tax schemes. “We have been studying measures such as a vacancy tax on developers and will announce the results soon.” Read more>>
Deposits worth HK$3 million for three sale and purchase transactions involving luxury flats at New World Development’s Mount Pavilia project in Clearwater Bay will reportedly be forfeited.
All three deals were transacted at the end of last month under New World’s first-come, first-serve sales arrangement, with the flats priced from HK$18.55 million to HK$22.4 million. Each one of the buyers is expected to incur a loss of HK$930,000 to HK$1.12 million, representing the 5 percent deposit. Read more>>
Hearings continued in the High Court for a sixth day today in the case filed by Lo To Lee-kwan, the matriarch of Great Eagle Holdings, to dismiss HSBC as trustee of the family trust.
HSBC International Trustee’s lawyer, Paul Girolami, QC, asked the 98-year-old about a letter of wishes signed by her and her late husband Lo Ying-shek in 1988. The document specifies how the family trust allocates assets to the couple’s children. Read more>>