Hong Kong Carpark Lot Sells for Record HK$6 Million and Net Seller HK$2.6 Million Profit in 2 Years

Hong Kong Carpark Lot Sells for Record HK$6 Million and Net Seller HK$2.6 Million Profit in 2 Years

A single Hong Kong carpark lot has been sold for a record HK$6 Million ($764k), with the seller gaining HK$2.6 Million profit (+76%) in just less than 2 years.  The seller had bought the carpark lot at Sun Hung Kai Properties’ Ultima apartment complex in the Kowloon districtfor for HK$3.4 million 21 months before, in September 2017.

” Hong Kong Carpark Lot Sells for Record HK$6 Million and Net Seller HK$2.6 Million Profit in 2 Years “

In US dollar, the seller earned $331k (+76%) from the sale price of the carpark lot at $764k.  The purchase price of $433k was made 21 months ago, in September 2017.  HKD is pegged to USD at around HK$7.8 (with a lower and upper band of HK$7.75 to $7.85) by Hong Kong Monetary Authority since 17th October 1983.

HKDUSD Exchange Rate

  • HK$1 = $0.1274 (7.85)
  • HK$1 million = $127,449 (7.85)
  • HK$ is pegged to USD at around HK$7.8 (7.75-7.85)

Source: SCMP, CNN

 

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Hong Kong’s Richest Man Li Ka-shing Sells Hong Kong’s 5th Tallest Building for $5.15 Billion

Hong Kong’s Richest Man Li Ka-shing Sells Hong Kong’s 5th Tallest Building for $5.15 Billion

Li Ka-shing, Chairman of CK Asset Holdings, has sold The Center Tower for $5.15 billion (HKD 40.2 billion).  The building is a portfolio of CK Asset Holdings, is Hong Kong’s 5th tallest building and is located in the city’s Central district.

” Li Ka-shing sells The Center Tower for a Record $5.15 Billion “

The buyer is a BVI registered company, C.H.M.T. Peaceful Development Asia Property, that is owned by Beijing-based China Energy Reserve & Chemicals Group (CERCG) (55%) and a group of Hong Kong investors (45%) that includes David Chan Ping-chi, known as the city’s “King of Cassettes” and also chairman of Acme Group.  Li Ka-shing is Hong Kong’s richest man and one of Asia’s wealthiest man in Asia.

Source: South China Morning Post, PEAK

 

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About CK Asset Holdings

CK Asset Holdings Limited (“CK Asset” or “the Group”) is a leading multinational corporation committed to achieving long-term sustainable growth through continual strengthening of its existing property businesses, and steady enhancement of its recurring income base via prudent investment strategy. The Group has diverse capabilities with activities encompassing property development and investment, hotel and serviced suite operation, property and project management, aircraft leasing, and investment in energy and infrastructure assets that are household equipment services related.

As one of the largest property developers in Hong Kong, CK Asset has a leading market share in Hong Kong, an extensive portfolio in Mainland China, and a significant presence in Singapore and the United Kingdom. With its long history of property development expertise, the Group has built many of Hong Kong’s most notable landmark buildings and complexes, some of which form part of its core asset holdings.

In addition to the property businesses, CK Asset has diversified globally through quality investments with stable recurring revenue on a worldwide basis. It has extended its reach to the energy and infrastructure sector, as well as aircraft leasing, with investments and operations now spanning continental Europe, Australia, Canada and the United Kingdom.

Visit: CK Asset Holdings

 

About Li-Ka-Shing

Mr. Li Ka-shing is the Chairman of CK Asset Holdings Limited and CK Hutchison Holdings Limited.

Mr. Li was born in 1928 in Chiu Chow, a coastal city in the southeastern part of China. Mr. Li was forced to quit school when he was 12 and fled to Hong Kong with his family to avoid the perils of war. Shortly thereafter, his father suffered from tuberculosis and passed away in Hong Kong. Before he was 15, Mr. Li had to shoulder the responsibility of providing for his family and found a job in a plastics trading company where he labored 16 hours a day. By 1950, his hard work, prudence and his pursuit of excellence had enabled him to start his own company, Cheung Kong Industries. From manufacturing plastics, Mr. Li led and developed his company into a leading real estate investment company in Hong Kong that was listed on the Hong Kong Stock Exchange in 1972. Cheung Kong continued to expand by acquiring Hutchison Whampoa and Hongkong Electric Holdings Limited (renamed Power Assets Holdings Limited) in 1979 and 1985 respectively.

With roots in Hong Kong, the CK Group’s businesses now span the globe, encompassing such diverse areas as ports and related services, retail, infrastructure, energy, telecommunications, property development and investment, hotel and serviced suite operation, property and project management, aircraft leasing and life sciences. Mr. Li is a strong believer in synergy—the power of combined efforts. This belief is reflected in his naming his company Cheung Kong after the Yangtze River that flows through China, a great river that aggregates countless streams and tributaries. The Times in the United Kingdom and Ernst & Young UK jointly named Mr. Li as the Entrepreneur of the Millennium at the turn of the century.

 


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Asian Cities Dominate the List of Most Expensive Locations for Working Abroad

Asian Cities Dominate the List of Most Expensive Locations for Working Abroad

Mercer’s 2017 Cost of Living Survey ranks Luanda, capital of Angola, Hong Kong, Tokyo, Zurich and Singapore as the top 5 most expensive cities for expatriates. The costliest city is Luanda which is driven up by cost of goods and security. Asian cities dominated the rankings with five in the top 10. Hong Kong, is followed by Tokyo (3), Singapore (5), Seoul and Shanghai (8).

“Asian cities dominated the rankings with five in the top 10.”

~ Mercer

The annual survey uses New York as its base point of comparison and includes more than 400 cities across five continents, measuring the cost of more than 200 items including housing, transportation, food, clothing, household goods and entertainment.

Related Reports: Bloomberg, Mercer


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Hong Kong Parking Space Sells for HK$5.18 million

Hong Kong Parking Space Sells for HK$5.18 million

Hong Kong has set another record property price and it is now for a parking space. A 188-square-foot space on Hong Kong island sold for HK$5.18 million ($664,300), or HK$27,500 a square foot, last month. The car park costs more than some Hong Kong homes. The parking spot is at the residential building Upton, which was also the site of the previous record parking-space transaction.

“A 188-square-foot space on Hong Kong island sold for HK$5.18 million ($664,300), or HK$27,500 a square foot”

~ Bloomberg

Hong Kong’s property is consistently ranked among the world’s most unaffordable, thanks to a combination of low interest rates, pent-up demand and an influx of hot money from over the border in China.

Related Reports: Bloomberg, Barrons 


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Hong Kong is the World’s Top Market for Luxury Homes

Hong Kong is the World’s Top Market for Luxury Homes

Hong Kong has overtaken London as the world’s top luxury homes market after setting a recording number of $100 million plus property deals in 2016. There were four property deals that topped $100 million and it was also home to the world’s largest single sale of 2016, worth more than $270 million.

“Home to the world’s largest single sale of 2016, worth more than $270 million. “

~ CNN

Despite the measures to curb rising property prices, there appears to be demand for premium real estate in the city, particularly in the luxury market which saw continued demand.

Related Reports: CNN, Christie’s


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Singapore and Hong Kong are the World’s Most Expensive Cities

Singapore and Hong Kong are the World’s Most Expensive Cities

According to the Economist Intelligence Unit’s Worldwide Cost of Living Survey, Singapore and Hong Kong have retained the top two spots as the world’s most expensive cities. Zurich was listed as the third most expensive and was the only European country amongst the top five most expensive cities. The rest of the cities are from Asia.

“According to the Economist Intelligence Unit’s Worldwide Cost of Living Survey, Singapore and Hong Kong have retained the top two spots as the world’s most expensive cities.”

~ Bloomberg

Tokyo jumped seven places to fourth position this year and Osaka climbed to fifth position, both strengthened by a surging yen. Seoul came in the sixth. Asia now accounts for 40% of the global economy.

Related Reports: Bloomberg, South China Morning Post

 


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Hong Kong Has Largest Concentration of Wealthy Population in Asia

Hong Kong Has Largest Concentration of Wealthy Population in Asia

According to a report from Knight Frank, Hong Kong now has the largest concentration of wealthy population in Asia.  Ultra high net worth individuals in Hong Kong own 3.3 homes on average compared with 4.3 in Saudi Arabia, 4 in Taiwan and 3.2 in Singapore.

“New York ranked top in terms of number of individuals with US$30 million or more in net assets, defined as ultra-high-net-worth individuals.”

~ South China Morning Post

New York ranked top in terms of number of individuals with US$30 million or more in net assets, defined as ultra-high-net-worth individuals, followed by London. Beijing was sixth and Shanghai seventh, according to the survey.

Related Report: South China Morning Post

 


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Hong Kong and Mumbai Have the Most Unaffordable Housing

Hong Kong and Mumbai Have the Most Unaffordable Housing

The 4 major cities with the world’s most unaffordable housing are all now in Asia. A price to income ratio study from Oxford Economics has shown that house prices in Hong Kong, Mumbai, Beijing and Shanghai have overtaken London, relative to the median income of each city’s inhabitants. This means it now takes more than 30 years for an average income earner to buy a 90 square meter apartment.

“This means it now takes more than 30 years for an average income earner to buy a 90 square meter apartment. “

~ Bloomberg

Rental yield in Mumbai, Beijing, Shanghai and Delhi are extremely low which indicates that valuations are very stretched. In these cities, the rental yield was lower than the 10 year government bond yields in 2016.

Related Reports: Bloomberg, Fortune

 


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Parking Garage in Hong Kong Valued at $2.2 Billion

Parking Garage in Hong Kong Valued at $2.2 Billion

The first sale of commercial land in Hong Kong has been put up for sale in more than 20 years. It is currently being used as a multi story car park in Murray Road, Central which is about 31,000 square feet. It is valued at HK$15.8 to HKD$17 billion ($2.2 billion) according to Colliers International Executive Director of Valuation and Advisory for Asia.

“It is valued at HK$15.8 to HKD$17 billion ($2.2 billion) according to Colliers International Executive Director of Valuation and Advisory for Asia.”

~ Bloomberg

This is the first development site available in Central since 1996. The sale of the development is situated near Bank of China building and is slated for the first quarter of 2017.

Related Reports: Bloomberg

 


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Carpark Space for HK$4.8 Million

Carpark Space for HK$4.8 Million

The carpark space of a luxury apartment in Mid Levels on Hong Kong island was sold for HK$4.8 million (US$619,000) on Thursday, setting a record for the most expensive lot in Hong Kong.  The sale of the 135 square feet carpark was at 55 Conduit Road

“The carpark space of a luxury apartment in Mid Levels on Hong Kong island was sold for HK$4.8 million (US$619,000).”

~South China Morning Post

The original owner bought a unit in the complex with the parking space for HK$56 million last month. He sold the lot to another resident, who already owns a parking space. It is now more expensive to own a carpark space at Mid Levels than to have a household in Sha Tin, north of island across Victoria Harbour.

Related Reports: South China Morning Post

 


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