THE Bank of East Asia has made a commitment to provide buyers of units in Crestmont Villa in Discovery Bay a maximum 70 per cent mortgage. Earlier, Hang Seng Bank agreed to offer buyers of Crestmont Villa, a New World Development project, a maximum 70 per cent mortgage.
- ECONOMIC TIMES CHEUNG Kong (Holdings) has submitted a blueprint to the Government for the redevelopment of the St Christopher Children's Home in Tai Po, which the developer bought in 1993, into a residential and commercial property. The cost of development, which includes the land premium, will be more than $5,000 per square foot. Property analysts say the property will stimulate the property market in the area after it is put on the market.
- EXPRESS NEWS CHINA Foods Holdings chairman Zhou Biquan bought 3.19 million shares in the company on February 20 at 74 cents per share.
- MING PAO COSMOS Machinery is developing a residential property in Macau in co-operation with an unlisted Hong Kong property developer. The first phase, consisting of six blocks of residential buildings, has been completed. Phases two to six should be completed by the end of this year.
- ECONOMIC TIMES MANUEL Pangilinan, managing director of First Pacific, increased his holding in the company by seven million shares on February 22.
- MING PAO A SPOKESMAN for Henderson Land Development says the company will launch its residential development at 12-12A Victory Avenue, Ho Man Tin, for sale in mid-March. Property sources expect prices to be set at between $4,800 and $5,000 per square foot.
- MING PAO THE Town Planning Board will make a proposal to the Government to assist Hopewell Holdings in its development of Mega Tower, a 93-storey hotel development on Queen's Road East, Wan Chai. The Town Planning Board suggests the Government reclaim some of the privately owned land which surrounds the site for Mega Tower. It is proposing that the Government should set aside the land which may be reclaimed as 'open space', meaning leisure area. The Government says the proposal is under consideration, but it has yet to reach an agreement with Hopewell regarding the issue.
