DING Man-chung, general manager of Playmates Properties, says demolition of the existing property on a site at 99 Tai Ho Road, Tsuen Wan, should begin in the middle of 1994. The site has an area of 4,500 square feet and a plot ratio of 15. Currently the site houses the Tsuen Wan Standard Chartered Building and Standard Chartered Bank is expected to rent some of the space in the redeveloped property. Investment for the redevelopment project is estimated to be about $200 million.
Elsewhere, following the sale of five units of a luxury development at 52 Plantation Road, the Peak, Playmates Properties has announced that it does not intend to sell the remaining three units before the company is spun off for separate listing. - ECONOMIC JOURNAL THOMAS Kwok, vice-chairman and managing director of Sun Hung Kai Properties, said after the government land auction yesterday that SHKP has provided mortgage lending of more than 70 per cent to buyers of residential developments put on sale by the company. Total financing for mortgages this year is $6 billion to $7 billion. - ECONOMIC JOURNAL HKR International will put a residential property in the Discovery Bay development on sale next month, while another development adjacent to the golf course will also be put on sale soon. - ECONOMIC JOURNAL PROPERTY sources say the 20th floor of Nine Queen's Road Central has recently been sold for $149.5 million. Recent trading of units in the centre has been active, with floors 19, 30 and 32 all being sold. Sources say owners of Grade A office units are notwilling to sell their properties with Christmas and the New Year approaching. Therefore, they say, sales of Grade A office developments will quieten down in the near future. - ECONOMIC JOURNAL HONGKONG China's major shareholder, the Lee family, increased its holding in the company by 12.55 million shares, equivalent to 1.35 per cent of the issued capital, on December 7. The acquisition has raised the Lee family's stake in Hongkong China to 69.41 per cent. - ECONOMIC TIMES TSAI Chi-neng, vice-chairman of Yue Yuen Industrial, reduced his holding in the company by 25.41 million shares on December 6. This is equivalent to 1.16 per cent of Yue Yuen's issued capital and reduces Mr Tsai's stake in the company to 63.24 per cent. -ECONOMIC TIMES THE share price of Hang Seng Bank surged in yesterday's trading and it has been reported that Credit Lyonnais Securities bought large numbers of shares. Some market analysts predict that the securities firm will issue Hang Seng Bank covered warrants. Market sources say Credit Lyonnais has published a report recommending Hang Seng Bank to its clients. - ECONOMIC TIMES NINETY per cent of the units in an industrial centre in Sha Tin developed by Sun Hung Kai Properties have been sold at an average price of $1,894 per square foot. Property sources say one of the reasons that the industrial centre is in such strong demand is that the price of an existing industrial centre in the same area has reached $2,000 per square foot. The price of units in the SHKP-developed centre is therefore comparatively attractive. - ECONOMIC TIMES WAN Man-yee, a director of Henderson Land, has reported that the company is still interested in participating in the bidding for the country park section of the Route Three project. He also believes it is possible that Henderson will co-operate with New World Development and other contractors in the bidding. However, Mr Wan says Henderson has not yet decided whether to participate in the bidding or whether to co-operate with other companies because the deadline for submitting bids is still far off. - MING PAO A SPOKESMAN for China Motor Bus said CMB's revenues will be adversely affected by the termination of 26 routes and the implementation of preferential fare policies for senior citizens. However, no statistics showing the impact on the company have been disclosed. He adds that because the profit margins on some of the 26 routes being terminated is quite high, he believes the company's profit may be affected. However, CMB will make better use of its resources to improve existing bus services. The company has also added two routes serving the Chai Wan district and has applied to the authorities for the opening of a new route to serve the airport.
Meanwhile, the spokesman says the sale of a bus depot in North Point has generated profits of more than $350 million. CMB is considering paying out a special dividend to shareholders, however details regarding this have yet to be announced. - MING PAO CECIL Chao, executive chairman of Cheuk Nang Properties, says the company is negotiating with various parties in Hong Kong, China and Malaysia on a number of property development projects. With regard to the Malaysian negotiations, Cheuk Nang is considering the acquisition of a site adjacent to a development being carried out by the company. Mr Chao says Cheuk Nang is optimistic about the prospects for property development in Hong Kong and China and the company is particularly keen on participating in developments in large cities on the mainland.
Elsewhere, Mr Chao says Cheuk Nang has finalised a restructuring plan worked out with a merchant bank in an attempt to ensure that the company's share price will better reflect its market value. The company has already submitted the plan to the stock exchange for approval. - MING PAO CECIL Chao, executive chairman of Cheuk Nang Properties, says the company has been negotiating with a number of mainland companies on the possibility of the sale of its shell. It has been reported that a party is willing to acquire Cheuk Nang's shell for $200 million. Mr Chao adds that companies including China Everbright had previously shown an interest in acquiring Cheuk Nang's shell, but the companies which have made a recent approach are mainly medium-sized companies in the industrial, property and investment sectors. - EXPRESS NEWS VICTOR Li, deputy managing director of Cheung Kong Holdings, says the company will pay the land premium and construction costs for the redevelopment of the Lai Chi Kok Amusement Park into a combined commercial and residential property. The project will becarried out in co-operation with Far East Hotels & Entertainment. - SING TAO
