Xingsheng created 420 million high-street service houses, ignoring political turmoil
The political turmoil and the Sino-US trade wars have caused Hong Kong to suffer from internal and external problems. However, the property market has not seen much impact, and investment in property purchases has not been reduced. According to the information on the market and the Land Registry, since the beginning of June, at least 8 cases of whole-store property sales or the end of the purchase have been recorded in the market, involving more than $5.7 billion. Xingsheng Creation (00896) recently sold a service-oriented residence in Xiying Pangao Street for 420 million yuan, earning 167 million yuan in holdings for 4 years.
Last month, 8 transactions involved 5.7 billion
The political situation in Hong Kong has started to change in the past month, but the overall investment market has continued to improve, with over 100 million yuan in large-scale property transactions. Since the beginning of last month, a total of 6 whole residential and commercial properties have been put into operation. Two commercial buildings and industrial buildings have been approved by buyers. The transaction price and the purchase price range from 150 million to 1.76 billion yuan. 5.722 billion yuan.
The latest one, including Xingsheng, announced that it will sell One Eleven, a service house of No. 111 High Street, to an overseas registered company for RMB 420 million. According to the information, the total construction area of the property is about 19,800 square meters, providing a total of 26 units, calculated at the transaction price, and the price is about 21,212 yuan. It is understood that the project is currently fully leased, with a monthly rent of $1.2 million and a return of about 3.4% for new buyers.
Xingsheng was founded in 2015 with a purchase of 253 million yuan. The property was formerly a serviced residence Ovolo, which was later refurbished and rebranded. According to market news, the property was sold at a price of 500 million yuan at the beginning of last year. It was sold a year and a half later, with a profit of 167 million yuan in book value and 66% in 4 years. The company believes that the sale will allow funds to be re-invested in future investment opportunities and to seek other growth opportunities.
Deng Chengbo negotiated more than 1 billion yuan to purchase Kwai Chung Industrial Building
In the neighboring area of the project, there was also a service-style residence in the last month. It was located at Largos Residences, 123 Queen’s Road West. It was purchased by a foreign fund for 600 million yuan. The property provides 44 units, with a total building floor of approximately 36,389 square feet and a price of approximately 16,488 yuan. It is estimated that the development of cohabitation space projects.
As for Xingsheng and the China Merchants Capital Joint Venture, the entire building of Central Industrial Building, 57-61, Shek Ping Ping Street, Kwai Chung, which was purchased for $720 million last year, was reported to have been actively negotiated by senior investor Deng Chengbo and relevant parties. 1.05 billion yuan, the transaction is expected to be implemented within the day. If the purchase price is based on the purchase price, it is 330 million yuan or 45.8% higher than the purchase price.
Of the six completed transactions in the past six months, three were purchased by local developers for long-term rent collection or redevelopment. The largest project was the construction of a residential and two commercial buildings at 21 to 27 Ashley Road, Tsim Sha Tsui, with a capital of $1.76 billion. It is expected to be redeveloped into a commercial building.
Hong Kong Industrial (00480) initially purchased 760 million yuan in the residential joint venture hall of No. 148, Qianwei Road, Kowloon Tong, and Emperor International (00163) purchased CentreHollywood, 151 Hollywood Road, Sheung Wan, for 595 million yuan. Long-term rent collection.