The company has invested 120 million yuan to purchase an old building in Wanchai.
According to the Land Registry, the Mainland Consortium spent $120 million on the sale of the old building at 98 Queen’s Road East, Wan Chai. The consortium has already completed the “nail" acquisition of the two residential sites since last year. It is estimated that it will be further expanded. Redevelopment of the site development.
The whole building of No. 98 Queen’s Road East, Wan Chai is subject to a change of $120 million. The project is now a 9-storey commercial and residential property. The underground is a retail store. The new buyer is Xu Xing Zhaoye Co., Ltd., and the registered directors include Yuan Yunnan and Zhang Tenghong. The former is the same name as Tian Yunan, the shareholder of Tianbao Energy, and the latter is the same as the name of Zhang Tenghong, the director of Shenzhen Xinhai Holdings.
According to the data, the project is adjacent to the old building No. 106-108 of Queen’s Road East. At the beginning of this year, it was awarded Tenghong Creation Co., Ltd., and it has accumulated about 470 million yuan to “pick up" the unified property ownership. The registered director is Zhang Tenghong. Fudong Building, No. 104, Queen’s Road East, has also been acquired by the company.
There is less land supply in the urban area, and the development of Wanchai District is mature. There are many old buildings in the east of Queen’s Road. The current height of the building is about 6 to 9 stories. Most of the building has been 50 years or over. According to the current location of the “Residential (Group A)", the building’s high limit is 110 meters above the main level. This means that the future reconstruction will be conditionally built into a building with a maximum height of 20 stories, reflecting the site’s potential for reconstruction.
Taking into account the transaction, I believe that the consortium intends to continue to expand the old building sites in the area, which will facilitate the consolidation and reconstruction into a larger-scale residential development project in the future.