Chinese Estates Holdings executive director Thomas Lau Luen-hung says the company is actively seeking to acquire development properties, financed from cash reserves of more than $5 billion.
'We intend to expand our exposure to investment properties in the retail and commercial sectors,' he said after the company's annual meeting.
Despite the aggressive expansion plans, the company would not 'replenish [its] land bank at any cost'. The company made its most dramatic property deal when it sold its entire interest in the Entertainment Building in Central to Hysan Development for $3.64 billion in December.
As part of its drive to increase its land bank, Chinese Estates in April bought a 4,570-square-foot commercial-residential development site in Sheung Wan for $280 million.
Mr Lau declined to comment on the company's plans for the project.
Chinese Estates has an overall developable gross floor area of about 188,000 sq ft, obtained through acquisitions, joint-venture arrangements and tenders.
