Apex Horizon

Apex Horizon buyers demand further compensation

 The Apex Horizon in Kwai Chung. Photo: Edward Wong

Five buyers of Apex Horizon hotel suites seeking compensation from developer Cheung Kong turned to the Securities and Futures Commission for help on Monday morning.

Monday, 13 January, 2014, 4:34pm

Lawyers call for SFC to explore criminal probe into Apex deal

The Apex Horizon in Kwai Chung. Photo: Sam Tsang

Lawyers have urged the securities regulator to continue exploring the potential for a criminal investigation into Cheung Kong's controversial sales of hotel suites in Kwai Chung despite its pact with the developer to cancel the sales.

19 May 2013 - 5:55am 1 comment

Trigger-happy SFC's nuclear option

The Apex Horizon in Kwai Chung. Photo: Edward Wong

The famous American banker J.P. Morgan was once asked in a congressional hearing what he thought to be the foundation of finance. Is it profit or wealth, a congressman asked. "No, Sir," Morgan replied. "It is trust."

16 May 2013 - 3:53am 5 comments

Apex Horizon compensation hopes dashed

An SFC investigation found the Apex deals were unauthorised.

Buyers' hopes of seeking extra compensation were dashed when Cheung Kong said in a statement that there was no condition offering refunds of double the deposits in the preliminary and formal sale-and-purchase agreements for the Apex Horizon hotel in Kwai Chung.

15 May 2013 - 5:33am 1 comment

Cheung Kong loses out over Apex

The Apex Horizon in Kwai Chung. Photo: Edward Wong

Cheung Kong has emerged as the loser in the nearly three-month long tussle with the government over the controversial sale of its hotel development at Kwai Chung.

14 May 2013 - 4:05am

Chairman Ronnie Chan aims another kick at Donald Tsang

Shippers support their museum.

One clear takeaway from the chairman's letter to shareholders in the Hang Lung Group 2012 annual report is that Ronnie Chan Chichung was no supporter of the previous administration.

16 Mar 2013 - 3:32am

Apex Horizon hotel room buyer fails to auction off suite

The Apex Horizon hotel in Kwai Chung.

One of the buyers in last month's high-profile sale of suites in the Apex Horizon hotel has been unable to auction off the purchase, even at a reduced price, because of the uncertainties involved.

6 Mar 2013 - 4:36am

Lawmaker demands probe into Cheung Kong's hotel room sale

The Apex Horizon in Kwai Chung. Photo: Edward Wong

The city's securities watchdog has been asked to investigate property giant Cheung Kong's sale of suites at its Apex Horizon hotel in Kwai Chung. The request by Civic Party legislator Dennis Kwok Wing-hang came as Cheung Kong vice-chairman Victor Li Tzar-kuoi reiterated that the sale completely complied with the law.

5 Mar 2013 - 3:50am

Apex Horizon hotel use under scrutiny

The Apex Horizon hotel in Kwai Chung. Photo: SCMP

The Lands Department has threatened to take legal action if it finds buyers of Cheung Kong's controversial hotel project living in the units. The warning came as 95 per cent of the investors in the 360-room Apex Horizon hotel had signed, or arranged to sign, the sales contract yesterday, according to the property giant. The rest have asked for a postponement.

27 Feb 2013 - 4:29am 1 comment

Hotel development's buyers undeterred by 'one-sided' deals

Hotel development's buyers undeterred by 'one-sided' deals

About 80 per cent of the buyers in Cheung Kong's controversial hotel development in Kwai Chung have confirmed their deals, even though the contract terms have been deemed "one-sided" by some lawyers. This emerged as the government was studying the legality of the sales, under which buyers can avoid stamp duties introduced to cool the property market.

26 Feb 2013 - 4:34am 6 comments

Nervous investors in Apex Horizon hotel suites seek police help

Li Ka-shing. Photo: Felix Wong

Between the four buyers they bought three units at the Apex Horizon in Kwai Chung in a provisional agreement reached last Wednesday, but it emerged yesterday that they were given what a lawmaker called a "surprisingly short" six days to conclude formal agreements - by tomorrow.

25 Feb 2013 - 5:27am 11 comments

Sale of hotel rooms shows the limits of government intervention

Property agents and buyers gather at the sales office of Apex Horizon hotel in Hung Hom as Cheung Kong Holdings sells more unit of the hotel. Photo: David Wong

It comes down to supply and demand. The hefty 15 per cent stamp duty imposed on non-local buyers, which was put in place last year to curb speculation, has discouraged a number of buyers. But no government can outlaw intentions.

25 Feb 2013 - 2:52am

Cheung Kong and government clash over sale of Apex Horizon hotel units

Property agents and buyers gather at the sales office of Apex Horizon hotel in Hung Hom as Cheung Kong Holdings sells more unit of the hotel. Photo: David Wong

A Lands Department letter leaked by the Civic Party has sparked a heated exchange between the administration and property giant Cheung Kong over its controversial sale of hotel suites. The letter suggested that the government knew of Cheung Kong's plan to sell hotel units at Apex Horizon in Kwai Chung as early as May 2011. In the letter, the department approved a sub-deed of the hotel, and reminded the developer to alert buyers that the units could be used only for hotel purposes.

23 Feb 2013 - 5:14am 1 comment

The Age of Greed

Buyers make deals to buy rooms in the Apex Horizon Hotel. Photo: Reuters

Every society has its share of greed, but it seems like ours is consumed by it. As a developed city and financial centre, I can understand Hong Kong having the big-scale greed we see in Wall Street. But greed permeates our society. The extent of it came into sharp focus with two unrelated events over the past few weeks.

23 Feb 2013 - 4:17am 10 comments

Hotel scheme holds high risks for buyers who saved on stamp duty

The Apex Horizon in Kwai Chung. Photo: SCMP

Buyers of units in the Apex Horizon hotel may risk financial burdens despite avoiding stamp duties by making the controversial purchase, property experts warn. This week property giant Cheung Kong sold 360 units at the hotel in Kwai Chung, which opened in 2009. The units are classified as commercial properties so buyers escape the extra stamp duties imposed on residential property transactions last year. In October the government imposed a buyer's stamp duty of 15 per cent of the purchase price of homes, payable by all non-permanent-resident buyers and those buying houses or flats through companies, in addition to the standard stamp duty of up to 4.25 per cent.

22 Feb 2013 - 4:24am 2 comments