Wu Guanliu suspected that the URA offered low bids to sell the Red Mansion

Wu Guanliu suspected that the URA offered low bids to sell the Red Mansion

The Urban Renewal Authority (“URA”) is launching the acquisition of the Hung Hom Pui Lei Street/Wing Kwong Street Reprovisioning Project. It is a saleable area of 19 Hung Fat Street, Hung Hom Estate and 20 Sheung Wan Street. The 520-square penthouse was affected by the Urban Redevelopment Authority’s Hung Hom Pui Street/Wing Kwong Street redevelopment project. It was acquired by the Bureau at a price of $705.023 million. The purchase price of each party was 13,558 yuan, which was $2.05 million compared with Wu Guanliu’s 2014 purchase price. The height is 500.023 million yuan (about 2.4 times). Wu Guanliu responded that the unit is now renting more than 8,000 yuan per month. Based on the purchase price, the rental return is about 4.7 percent. The purchase price is considered to be less than ideal. It is decided to “continue (hold) rent collection and wait for them to bid again.”