The whole building of the Fengshu Center in Kwun Tong is worth 9 billion.
Foreign funds still have the intention to invest in Hong Kong property. The news indicates that Singapore’s Maple Tree Fund holds the Kwun Tong Fung Shu Centre, which was awarded a consortium of about $9 billion to the end of the purchase and won the private equity fund Taigang Investment (PAG). The property has the highest voice.
At the beginning of this year, the Fengshu Fund commissioned a surveyor to release the whole building of the Fengshu Center in Kwun Tong. It is reported that there has been a consortium to purchase, and recently a consortium has bid for about 9 billion yuan, according to the total floor area of the building of about 700,000 square meters. Tricks, the price of about 12,800 yuan, close to the owner’s intention price, is expected to change hands in the short term.
High occupancy rate
According to the news, the private equity fund Taigang Investment (PAG) has won the highest demand for the property. Due to the restrictions of the land lease, the building cannot be sold. Therefore, the fund is expected to be rented for long-term rent and investment. The current occupancy rate of the building is very high. Individual units have a high rent of 35 yuan, and the rate of return is good, so they attract funds to buy.
PAG in recent years Active port property market
In fact, PAG has been active in the investment property market in Hong Kong in recent years. For example, it was purchased from the industrial park of Kwai Chung Container Lines three years ago. It was sold for $2 billion this year and earned about $600 million. Last year, it was also shot by Xingsheng (00896). Kwai Chung Success Centre, after which the goods were profitable.
It is understood that the Fengshu Center has also been purchased by the consortium this year, including the Chinese-funded consortium. However, due to the recent increase in the Sino-US trade war and the implementation of capital controls in the Mainland, there have been very few cases in which Chinese companies have purchased commercial buildings in the near future.
As early as 2014, Mapletree Fund landed for 3.769 billion yuan, becoming the fund’s first office project in Hong Kong. The project has a 19-storey building. The biggest feature is the large floor area of 36,000 square feet. Last year, the owner rented it. The current occupancy rate is good. The main tenants include the US large-scale garments and purchases.