Marriage of two property princes comes at a cost The first joint venture by two of our property princes has come at quite a cost. Thomas Jefferson Wu (below), a co-managing director of Hopewell Holdings, outbid five competitors with his first tender to win a mandate to redevelop Wan Chai's Wedding Card Street with Sino Land executive director Daryl Ng Win-kong. The Hopewell-Sino consortium paid HK$6.2 billion up front for the 857,000 square foot site and will have to spend an additional HK$3.5 billion in construction, but on top of that all profits from the development will be split 50-50 with the Urban Renewal Authority which sold the site. In other words, the all-in cost for venture is already in excess of HK$10,000 per square foot. Factoring in the profit sharing arrangement, the redeveloped project had better be selling at more than HK$15,000 per square foot to yield 20 per cent for Hopewell. Goldman Sachs yesterday estimated the potential profit for Sir Gordon Wu Ying-sheung's firm would be no more than HK$295 million, although it did remark on the deal being a sign that the construction giant was becoming more active over investment opportunities. However, Hopewell shares gained only 1.73 per cent yesterday, lagging behind a 2.02 per cent gain in the Hang Seng Index. Wealthee son We know how local property developers like to name buildings after their partners, but man-of-the-moment Tony Chan Chun-chuen revealed yesterday how he once planned to go the other way and name his son after a whole estate? The fung shui master at the centre of the Nina Wang Kung Yu-sum probate case made his much-anticipated debut in the witness stand and one of the most intriguing facts to emerge was that he wanted to call his son 'Wealthy Heights'. Apparently Mr Chan chose the English name because his mother liked the Macdonnell Road residence so much. Luckily for the boy he was persuaded against it by the registrar. However, on the advice of his brother, he chose to name his son Wealthee instead. Mr Chan did not say how this was received on the Lam Tin public estate where the boy was brought up. We found a couple of references to a teenage Wealthee Chan on the social network sites. In one, he said he was in Beijing and he was bored. 361 Degrees gets lucky A newly listed company needs not just a lucky stock code, but also a lucky offer price. So it was no surprise when mainland sportswear firm 361 Degrees International - stock code 1361 - opted for a listing price of HK$3.61. The offer price was set at the low end of the range of HK$3.15 to HK$4.35, while the issue was said to be nine times oversubscribed by institutional investors and 40 times oversubscribed by retail investors. It's also looking good for 361 based on the performances of the two other listed firms that start with numbers. High-flying blue chip Tencent Holdings rose 5.69 per cent yesterday to close at HK$90.05, taking its gain for the year to 80.35 per cent. Then there is toy trading company 21 Holdings, which climbed 5.88 per cent to HK$1.80, which represents an increase of 400 per cent this year. Watch out, financial planners Financial planners, beware! Five pensioners in Germany have been accused of kidnapping and torturing their financial adviser after they lost more than HK$26 million in a Florida property investment scheme. James Amburn was attacked by three elderly men outside his home - one report said he was even hit with a Zimmer frame - then bound with duct tape and bundled into the boot of a car before being driven 300 miles to a lakeside house in Bavaria where he was imprisoned in a cellar. There he was burned with cigarettes and beaten for four days before being rescued. Baby Jim Oops! Our item yesterday about Cathay Pacific Airways' new finance director James Hughes-Hallett being praised for increasing the number of analyst briefings, was accompanied by the wrong photograph. The photograph (above) is the right one of the man nicknamed 'Baby Jim' by the Cathay staff to distinguish him from his namesake former airline chairman James 'Big Jim' Hughes-Hallett. Our apologies to both.