But more heart-warming than the HNA Deutsche Bank undertaking is what we who engage w/ the returning sovereign term overarching macro / micro win-win …
Rumour has it that HNA bought from Phoenix Asia a prize. If true, my faith in Hong Kong is once more renewed.
I placed faith w/ Phoenix since 2001, when they launched first baby fund of HK$ 20M of daring friends (the pitch was buy brothels and butcher shops and car repair garages at the ground level all around Langham Place in Kowloon before there was Langham Place, but after there was Kowloon - simple business plan and elegant execution), tried and true into and through SARS w/ 8X return in 18 months, and been good year after year per true Hong Kong spirit, a learning experience, and without suffering tuition.
One nice thing about Hong Kong is that the entire society is set up for education, albeit less about classrooms and more about teachers, however w/o Ivy credentials but also minus the tuition tab.
mingtiandi.com
HNA Said Buying Kwun Tong View From Phoenix for HK$2 Bil
Michael Cole2017/05/02
Kwun Tong View (right) may bring in 5% more now than it would have in September
Maybe it’s the memories of jetliners buzzing the Kowloon shoreline, but China’s HNA seems to have a particular fondness for Hong Kong’s Kai Tak area. The mainland conglomerate is said to be finalising a deal to spend HK$2 billion ($257 million) on an office property near the former airport site, according to local media reports.
HNA is currently engaged in due diligence on the proposed purchase of Kwun Tong View, a 144,780 square foot (13,500 square metre) office building at 410 Kwun Tong Road in Kowloon East from Hong Kong-based private equity real estate firm Phoenix Property Investors, according to .
For HNA, the acquisition of the 24-storey commercial complex would add to HK$27.2 billion that the parent company of China’s Hainan Airlines has spent buying land in the rapidly redeveloping industrial area over the last six months.
Phoenix Waits Seven Months, Gets Five Percent Price BoostShould HNA purchase Kwun Tong View at the reported price it would value the property at approximately HK$13,600 per square foot – nearly five percent more than the rate that Phoenix agreed to sell the building for in September last year .
, after Li’s Cheung Kong Property Holdings, which owns nearly 19 percent of the REIT’s units reportedly withdrew support for the transaction.
Hainan Airlines is said to be acquiring Kwun Tong View for investment purposes, although the mainland firm would also reserve some floors for its own use, according to the local press account, citing sources familiar with the pending transaction. Spokepersons for Phoenix Property Investors and HNA failed to respond to inquiries from Mingtiandi before this story was published.
HNA Builds a Hong Kong Home in Kai Tak
The proposed en bloc acquisition comes less than two months after the latest in a string of HNA land purchases in the Kai Tak area. In mid-March the conglomerate helmed by “Buddhist billionaire” Chen Feng beat out bids by Hong Kong heavyweight Sun Hung Kai and 14 other developers
Since November last year, Chen’s company has now agreed to pay more than HK$27 billion to purchase 36,865 square metres of Kai Tak land, at a rate per square foot nearly double the amount paid in earlier land sales in the area. Hong Kong relocated its international airport to a new site in Chek Lap Kok in 1998, and the city’s government has since been promoting the redevelopment of Kai Tak as an alternative commercial location for companies repelled by Central’s world-leading office rental rates.
While HNA stands out for its aggressive bidding practices, the company’s interest in Hong Kong fits into a broader trend. Mainland investors spent a record $5.32 billion on Hong Kong real estate last year, according to a report released last week by property consultancy Colliers International – up from just $3.31 billion in 2015. |
