Hong Kong’s ‘electronics king’ Koo to spend US$1.16b on two duel-purpose property developments in Qianhai
“Inno” Park and City will be created from former factory sites into office and residential complexes over the next four years
Hong Kong’s “electronics king” Koo Ming-kown has kicked off two projects worth HK$9 billion (US$1.16 billion) to turn a couple of former factory sites in Qianhai — the commercial area in Shenzhen also known as Qianhai New District – into duel office and residential complexes over the next four years.
The 73-year-old entrepreneur invited scores of guests, including top local Cantonese popstars Alan Tam and Joey Yung, to a ceremony in Qianhai to mark the launch of his “Inno” park and city.
Koo said the thinking behind the projects is very much in line with the national policy of transforming Shenzhen from a manufacturing centre into a technology hub.
His New York-listed company Nam Tai Property was formerly known as Nam Tai Electronics.
“After the factory sites have been be turned into commercial and residential projects, they are expected to deliver an extra HK$1.5 billion to HK$2 billion (US$192.68 -256.90 million) in profit every year to investors — around ten times more profitable than if the sites were left strictly manufacturing,” Koo told South China Morning Post at the launch.
After the factory sites have been be turned into commercial and residential projects, they are expected to deliver an extra US$192.68 -256.90 million in profit every year to investors – around ten times more profitable than if the sites were left strictly manufacturing
“The conversions will need investment, but it will prove to be a good investment over the long term.”