Latest news with #HendersonLand
South China Morning Post
31-05-2025
- Business
- South China Morning Post
Tepid sales at Hong Kong's Uni Residence as competition heats up in new home market
Competition is intensifying in Hong Kong's new residential property market as improved sentiment and declining mortgage rates have prompted developers to offer attractive prices to entice buyers. Advertisement Homebuyers snapped up just 58 of the 100 flats on offer on the first day of sales at Uni Residence in Tai Wai, agents said. Five out of 10 flats offered by tender were also sold, generating about HK$38 million (US$4.8 million). In contrast, Henderson Land's The Henley in Kai Tak sold 78 of 80 units on offer less than four hours after sales began at noon on Saturday, according to agents. The batch, priced at a discount, consisted of 18 open studios, 50 one-bedroom units and 12 three-bedroom flats. The lowest-priced one, a 238 sq ft unit, sold for HK$4.62 million, or HK$19,415 per square foot. The developer said one group of buyers bought six units, three groups each acquired three units and seven groups each purchased two units. 'With ample new supplies launching in the market at attractive prices, developers may face competition as homebuyers increasingly consider project quality, supporting facilities and the nearby environment,' said Louis Chan Wing-kit, CEO of Centaline Property Agency. Uni Residence in Tai Wai. Photo: Handout Uni Residence's joint developers Wing Tai Properties and China Vanke priced the first 50 units of the new 32-storey, 240-unit building at an average of HK$15,481 per square foot, about 8.5 per cent lower than recent transactions in the nearby secondary market.
New Straits Times
23-05-2025
- Business
- New Straits Times
#SHOWBIZ: Cathy Chui's late father-in-law leaves her RM1.1 bilion in assets
HONG KONG: Former actress turned socialite Cathy Chui received assets and gifts totalling HK$2 billion (RM1.1 billion) from her father-in-law, property tycoon Lee Shau Kee, before his passing on March 17. Chui, 43, was gifted an education fund of HK$50 million (RM27.2 million), land valued at HK$1.82 billion (RM1 billion), a luxury yacht worth HK$110 million (RM59.9 million), and a private bungalow. NDTV reported that this inheritance was bestowed due to Lee's confidence in Chui's crucial role within both the family and his extensive business empire. Chui gained prominence after her marriage in 2006 to Martin Lee Ka-Shing, son of the real estate magnate. Lee is the founder of Henderson Land Development, and Chui is his sole daughter-in-law. A mother of four, she is actively involved in managing the family's business interests. Her eldest daughter is currently undertaking industrial training at Henderson Land, while her second child, aged 15, is studying at the University of Cambridge. Chui is also recognised for her philanthropic endeavours, having been appointed as an honorary chairperson and ambassador for several charitable organisations. In 2018, she was honoured with the AMFAR Award Of Courage for her significant contributions to society.
South China Morning Post
14-05-2025
- Business
- South China Morning Post
Homes market in need of more competition
The recent property downturn has paradoxically increased the market dominance of Hong Kong's three biggest developers. An estimated 60 per cent of new residential units this year and next will be delivered by Sun Hung Kai Properties (SHKP), CK Asset Holdings and Henderson Land, up from 40 per cent in the past two years. Meanwhile, mainland developers and smaller local players have steered clear of bidding for residential plots in the city during the downturn. Such market concentration is concerning and exposes too many of the city's housing needs to a few leading market players. Given the interest rate volatility and unpredictable global trade frictions creating an unstable macroeconomic environment, developers and buyers are both more comfortable investing in and buying smaller and more affordable units. New homes measuring up to 431 sq ft accounted for more than 60 per cent of all residential transactions in the past few months, up from nearly 50 per cent in 2024. A reduced stamp duty from February also helped generate greater buyer interest – a flat rate of HK$100 for homes worth up to HK$4 million, from the previous threshold of HK$3 million. All three big developers have extensive land banks and may more easily choose strategic locations to adjust to changing market conditions. The trend is to focus on small to medium-sized flats. For example, SHKP's Sierra Sea, a 9,700-unit project near Ma On Shan, has briskly sold more than 700 flats – ranging from 301 sq ft to 702 sq ft – in three rounds since April. Priced up to 20 per cent below the cost of existing nearby homes, it is one of Hong Kong's largest new residential estates since 1999.
South China Morning Post
08-05-2025
- Business
- South China Morning Post
SHKP, CK Asset, Henderson to dominate Hong Kong housing amid demand for small units
Three of Hong Kong's biggest developers – Sun Hung Kai Properties (SHKP), CK Asset Holdings and Henderson Land – are expected to dominate the housing market, as homebuyers increasingly prefer smaller flats amid economic jitters, according to JLL. Advertisement The trio were set to deliver 60 per cent of new residential units in 2025 and 2026, up from 40 per cent in 2023 and 2024, according to the property consultancy. Sales of class A units – measuring 431 sq ft or smaller – accounted for more than 60 per cent of all residential transactions in March, JLL said, up from nearly 50 per cent in 2024. A cut in the stamp duty, announced in February, helped drive those deals. 'Faced with potential interest rate volatility and macroeconomic instability, prospective buyers are increasingly adopting defensive strategies: either postponing purchases altogether or opting for smaller, more affordable flats,' said Norry Lee, JLL's senior director of projects strategy and consultancy in Hong Kong. 'Small lump sum units [have become] a safer choice in uncertain times.' Potential buyers queue up to buy flats in Sun Hung Kai Properties' Sierra Sea residential project at the International Commerce Centre on May 3. Photo: Elson Li The Hong Kong government relaxed its housing policies in February by lowering the stamp duty and applying a flat rate of HK$100 for homes worth up to HK$4 million (US$516,100), thus allowing more buyers to enjoy the benefits. The previous threshold was HK$3 million. Advertisement SHKP, CK Asset and Henderson will continue to remain the main suppliers of housing units, as mainland Chinese developers and smaller players have steered clear of bidding for residential plots in the city amid a property downturn.
Hamilton Spectator
28-04-2025
- Business
- Hamilton Spectator
Hong Kong's business, political elite turn out for funeral of property tycoon Lee Shau-kee
HONG KONG (AP) — Prominent Hong Kong political and business leaders paid tribute Monday to the city's late billionaire property tycoon Lee Shau-kee, who led one of the biggest real estate empires in the former British territory. Lee, who died at age 97 on March 17, was once ranked as the richest man in Asia. In Forbes' February ranking, he was listed as the city's second-richest person with $29.2 billion in assets. Lee founded Henderson Land Development Co. Ltd. in 1976, and his empire helped shape the Asian financial hub's skyline. The company's portfolio includes landmarks such as the International Finance Centre complex and ifc mall in Central, a vibrant commercial district. His business interests also expanded into other sectors such as hotels, utilities and ferries in the city. Nicknamed 'Uncle Four,' Lee was ranked the richest person in Asia and the world's fourth-wealthiest person by Forbes in 1996. He was Henderson Land's chairman and managing director before stepping down from the position in 2019. He was succeeded by his sons, Peter Lee and Martin Lee, the company's co-chairpersons. Like other tycoons, who rose in the city's postwar economic boom and then thrived as mainland China abandoned orthodox Marxism, Lee met with former top Chinese leaders, including Deng Xiaoping and Jiang Zemin. In 2007, a decade after the end of British colonial rule, the Hong Kong government awarded him the Grand Bauhinia Medal in recognition of his outstanding contributions to education and community service. According to Henderson Land, committee members overseeing his funeral included Hong Kong's leading official, John Lee, former city leaders Tung Chee-hwa and Leung Chun-ying , and Zheng Yanxiong, director of Beijing's liaison office in Hong Kong. Other business and political heavyweights were also part of the committee. On Sunday, Zheng, Lee and other former and current government officials, as well as Richard Li, the younger son of Hong Kong's richest person Li Ka-shing, and property tycoons Thomas Kwok and Raymond Kwok, paid their respects to Lee during a vigil. Buddhist rites were performed during the service on Monday. His body will be transported to his ancestral homeland in Shunde district, Guangdong province, the coastal region in southern China across from Hong Kong where Lee, like so many top Hong Kong business leaders, was born. He moved to the city in 1948, one year before the communists swept to power in mainland China, targeting land owners as they went, and became a key player in the city's real estate industry. Known as Hong Kong's 'Warren Buffett' for his investment acumen, he was also a leading philanthropist who contributed significantly to the development of both Hong Kong and mainland China.
