Deng Chengbo over billions Kwai Chung turnover Tsui workers
Revitalization of industrial buildings plan to restart, so that investment climate warming industrial buildings. Hing sheng (00896) and the foreign fund co-owned Kwai Chung successful center of the whole building, just sold for 1.038 billion yuan, holding less than one year appreciation of nearly 30%, making a profit of 238 million. It is learned that the property is “shop king” Deng Chengbo “repurchase.”
Ten months 30% appreciation
Hing Shing created the announcement that the Group and the foreign funds each hold half of the property at 26 to 38 Tung Cheung Ping Street Success Center for 1.038 billion yuan sold to Run Investment Limited.
The project is a 29-storey industrial building with a gross floor area of about 240,500 square feet. At the transaction price, the price is about 4,316 yuan. It is reported that the new buyer Deng Chengbo.
Hing Shing created the equivalent of 800 million yuan at the end of February this year, with a bid of over 1.2 billion yuan and a premium of over $ 1.3 billion. It now sells for a profit of 238 million yuan and earns 29.8% of the net profit in just 10 months.
Hing Shing said it expects to sell about 80.3 million yuan after deducting costs and expenses.
The property has been granted a waiver at the time of the activation of the industrial building project in the previous round. The underground can be used as a retail store, with parking spaces 1 to 2 as parking lots, catering services from 3 to 9 floors and office buildings from 11 to 28 floors.
Information shows that as early as 2009, Deng Chengbo purchased the properties on site for 202 million yuan and sold them to Shi Jialong, a veteran luxury investor for 700 million yuan in 2013, with a net profit of nearly 500 million yuan.
After a lapse of 8 years, Deng Chengbo “repurchased” the successful center. The asking price was HK $ 338 million higher than the selling price of the same year.
Deng Cheng-bo has “repurchased” properties in recent years, including the purchase of some of the underground bunk beds and 1-3 floors of the Bauhinia Building, 525-543 A Nathan Road, Yau Ma Tei for $ 830 million in 2014, 130 million more than the property sold in 2010 yuan.