Yau Tong Linhai Land and adjacent residential buildings
The Chinese-funded Qingjian International (01240) or the relevant person concerned has recently applied to the Town Planning Board for residential development together with the adjacent land for a total of 224 gangs for the Yau Tong site for sale in September last year for $530 million. Wuyi Group purchased the old buildings in Wong Tai Sin, including the old buildings at 22 to 24 Ming Fung Street. It has accumulated over 80% of the ownership. It is expected to apply for a strong title.
Tsing Jian International currently holds the Linhai site at 18 Dongyuan Street and is zoned “Comprehensive Development Area (4)" with the adjacent Tung Yuen Street, No. 22, with a total site area of approximately 49.837 million square feet. The Group has submitted a master plan blueprint to the Town Planning Board on 18 and 22 Tai Yuen Street. It is proposed to develop two 21-storey (including two-storey basement) residential buildings with a plot ratio of 5 and a total of 224. The period accounted for 96 people.
Uniform ownership of old buildings in Mingfeng Street
Wuyi Group, another Chinese developer, acquired the old building in Mingfeng Street. Wei Weixin, director of property development and investment of Surveyor, pointed out that Wuyi Group purchased the whole building from 18 to 20 Mingfeng Street for RMB 112 million at the end of 2017. The property has recently successfully acquired more than 80% of the rights of 22 to 24 Ming Fai Street. It has the potential to apply for a strong auction. It is estimated that the total acquisition cost of the two sites will be about 250 million yuan.