Mainland developer Aoyuan hoping for US$57.3m profit on conversion of commercial Kwai Chung site into flats
Firm has pencilled in total target sales price of HK$1.4 billion for completed flats after buying building in June for HK$950 million
Aoyuan, the acquisitive mainland China developer, is hoping to generate a HK$450 million (US$57.33 million) profit from the sale of residential units being created in a former a 12-storey commercial building in Kwai Chung, in Hong Kong’s New Territories.
The company has pencilled in a total target sales price of HK$1.4 billion for completed flats in the building, after buying it in June for HK$950 million, its second move into the Hong Kong market.
The Guangzhou-based developer bought five units at Yin Yee Mansion at Mid-Levels West for HK$131 million in March.
“We are hoping to enter the compulsory sale procedure as soon as possible, and will develop a low-end luxury project there,” said Jacky Chan Ka-yueng, its vice-president.
“Hong Kong’s property market is particularly attractive considering the maturity and its critical position in the Greater Bay Area [the proposed joint economic cluster of 11 cities in southern China, including Hong Kong and Macau].”
