24/9/2018-1

Yongtai Zicejia Street Project Financing 15.5 billion

Wing Tai Properties (0369) announced that it has held 65% and 35% equity interests in South Water Hong Kong Limited, which is a joint venture between the Hong Kong and Hong Kong Limited, which is a joint venture of the Kau Chi Street Commercial Site in Kwong Chi Street, Central. The current policy is to purchase an additional 15% of the equity of 940 million yuan, so that the two parties’ equity in the project is 50%. Yongtai and Qitu will be responsible for the corresponding financing funds according to their shareholding ratio. After considering the estimated project cost (including construction cost) of the development project, the estimated interest expense and the payment of the amount of the Urban Renewal Authority, it is estimated. The total financing required is about 15.5 billion yuan, which is about 43.35 yuan, which means that the cost per floor is 35,800 yuan.

The two groups each hold half of the equity

The information shows that the above commercial projects are site C at the junction of Graham Street, Kwai Chi Street and Ko Lam Street in Central. The site area is about 27,901 sq ft. The floor can be built at about 43.35 ft., and the market price is $11.62 billion. The land price per square floor is about 26,800 yuan, which has become the highest price item ever approved by the URA. The shopping malls and open space in the project must be handed over to the URA for management. Before the war, the Tang Building Yonghe was conserved by the URA. The project needs to provide about 10 square miles of hotel floors, and the office does not have a sale restriction. It is reported that the project does not set a dividend ratio limit, that is, the proceeds or resale of the operation of the winning bidding consortium in the future, the URA will not require dividends.

According to another market news, investors Luo Shouhui or related parties recently purchased the 7-story office building of No. 9 Des Voeux Road West, Sheung Wan, for about 810 million yuan.