Henderson Land says John Lee’s pledge to speed up housing and land supply will benefit homebuyers, the government and developers

Co-chairman Peter Lee says developer will help Hong Kong’s next leader with scheme to provide training and mentoring to 1,000 junior secondary school students living in subdivided flats
We believe that the demand in the second half will be strong, co-chairman Martin Lee says

Henderson Land

Pearl Liu

Published: 7:30pm, 1 Jun, 2022

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Henderson Land Development, which was founded by Lee Shau-kee, Hong Kong’s second-richest man, said it expected that a pledge by John Lee Ka-chiu, Hong Kong’s next leader, to speed up housing and land supply would benefit homebuyers, the government as well as developers.

“We agree that Hong Kong should boost the supply of land in both quantity and quality, as mentioned by chief executive-elect John Lee,” Martin Lee Ka-shing, Henderson Land’s co-chairman and Lee Shau-kee’s younger son, said at an annual general meeting held on Wednesday.

Peter Lee Ka-kit, Henderson Land’s other co-chairman and the founder’s elder son, said that Henderson Land would help John Lee complete his pilot scheme and help 1,000 junior secondary school students living in subdivided flats with training and mentoring programmes. “The scheme will offer 1,000 children a better future and help to narrow the gap between the rich and the poor,” he said.

Henderson Land is betting on a recovery in Hong Kong’s housing market in the second half of this year, as the city’s Covid-19 outbreak is brought under control. “Social distancing controls have been relaxed, and we believe that the demand in the second half will be strong,” Martin Lee said, adding that the company was planning to roll out the 2,800-unit Baker Circle project in Hung Hom.

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Baker Circle is expected to be put onto the market for sales this month at the earliest, and is one of the biggest urban residential redevelopment projects by a private developer in Hong Kong.

Henderson Land has spent more than 20 years and billions of dollars on property acquisitions for Baker Circle, which will have a total gross floor area of about 1 million sq ft. It will include an almost 1 kilometre long pedestrian street inspired by Coal Drops Yard, a shopping area near King’s Cross in London.

The developer is planning to roll out the 2,800-unit Baker Circle project in Hung Hom and it could be put onto the market for sales this month at the earliest. Edmond So

On the mainland, Peter Lee said that due to the recent lockdown in Shanghai, projects in the city had been delayed by about half a year. “Most of the places have reopened today and our work can be resumed. We will try to catch up in the second half,” he said.

Shanghai ended its two-month-long citywide lockdown on Wednesday, allowing 2.67 million businesses to resume operations.

Henderson Land has six commercial properties for leasing, including offices and shopping centres, in Shanghai. Its commercial complex Lumina Shanghai in Xuhui Riverside District is currently under construction and is expected to be launched this year.