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Sandy Li

A consortium called C.H.M.T Peaceful Development Asia Property agreed to pay tycoon Li Ka-shing a record HK$40.2 billion (US$5.15 billion) for The Center office block in Hong Kong, in what agents say is the world’s most expensive transaction for a single building.
The consortium, 55 per cent owned by a unit of the mainland’s state oil behemoth, is behind the purchase, with the remaining 45 per cent shared by four Hong Kong businessmen.
Who are the Hong Kong buyers?
The South China Morning Post spoke to three of the four investors.

● Raymond Tsoi Chi-chung
Tsoi founded Asia Property Agency in 1990 in North Point, focusing on residential sales in the secondary market and also invests in commercial property.
His property investment began in 2014 with retail properties that were subdivided into small shops for resale, ranging from 30 square feet to 700 sq ft (65 square metres).
He diversified into offices last year, buying a 7,315 sq ft office floor at the Far East Consortium Building in Central for HK$108 million, and spent HK$45.7 million on 2,500 sq ft of the AXA Centre in Wan Chai, which he leased out.
“We have no plans to resell the space [at The Center],” said Tsoi on Thursday. “It is a rare product in Central.”
However, he believes he’s got his share of The Center at a bargain, and expects a massive return on his investment, because of a HK$50,000 per sq ft benchmark was set in May for the Murray Road car park site in Central.
“This building is completed and is just HK$33,000 per sq ft,” Tsoi said. “It is a good price for us.”

● David Chan Ping-chi
Chan is the chairman of the ACME Group, founded in 1965. The company is one of the world’s biggest producers of cassette tapes, compact discs and DVDs for the audio-visual industry, earning Chan the name King of Cassettes.
Chan has invested billions of Hong Kong dollars in the city’s car parks, industrial buildings and retail property, either on his own or in partnership with his friend Raymond Tsoi. Chan owned a portfolio of as many as 2,000 car parking spaces at one point.
In March, he paid HK$33 million for 62 car park lots at Brilliant Garden in Tuen Mun, and resold 56 of them for HK$56 million in August – a HK$17 million gain in five months.

● Ma Ah Mok
Ma Ah Mok, founder of Koon Wing Motors, operates Hong Kong’s largest fleet of 19-seat buses. Known as the King of the Minibus, the Ma family’s fleet of more than 640 minibuses ply 75 routes Hong Kong Island, Kowloon and the New Territories. The fleet is valued at HK$3.8 billion.
Robert Ma Kiu-sang, the son of Koon Wing Motors’ founder, confirmed that his family is among the investors in C.H.M.T, but claimed they only held “a very small stake”.
“We are eyeing long term rental returns from the investment,” the younger Ma said, declining to elaborate. He also owns a portfolio of commercial properties valued at HK$10 billion.

● Lo Man-tuen
Lo is founder and chairman of privately held Wing Li Group, which also produces cassette tapes, compact discs and DVDs for brands including Sony and JVC. He is a delegate to the Chinese People’s Political Consultative Conference, the nation’s top political advisory body.
He is a member of Democratic Alliance for the Betterment and Progress of Hong Kong and owned several race horses between 1994 to 1995.
“There is no such thing at this stage, the majority of directors are saying that we would not sell it yet,” he said. “We have not even met yet.”
With additional reporting by Tony Cheung and Ng kang-chung


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Explainers

From cassettes, mini buses to the world’s priciest tower: a peek at Hong Kong’s buyers of The Center

The Centre, 99 Queen's Road Central, Central. Photo: Nora Tam

(From Left to Right) C.P. Lo Chee-pui, Managing Director of GMI; Ma Ah-muk, Managing Director of Yan Yan Motors Limited; Eric Chong, President & CEO of Siemens Limited attend the Siemens and Green Mobility Innovations jointly launch HK's first ever 7m long extended range electric minibus, at Tuen Mun. 30SEP13

Filer of ACME Group chairman David Chan Ping-chi Photo: SCMP

Members of Liberal Party including (front L-R) Felix Chung Kwok-pan, Selina Chow Liang Shuk-yee, Raymond Tsoi Chi-chung, Tommy Cheung Yu-yan,Woo Chu, and ung Ping-hau, pay tribute to police outside police headquarters in Wan Chai. 06NOV14

(Front row, L to R) Ann Chiang Lai-wan, Ip Kwok-him, Lo Man-tuen, DAB's Chairman Starry Lee Wai-king, Former Legco President Jasper Tsang Yok-sing and Cheung Kwok-kwan attend Launch ceremony for DAB 25th anniversary at Tamar Park. 01JAN17 SCMP / David Wong

Brokers test market appetite for 50pc resale premium, even before ink dries on The Center’s price tag

The Center office tower in Central was sold for HK$40.2 billion on Wednesday. Photo: Nora Tam

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The Center’s iconic lobby was featured in the Hollywood blockbuster movie The Dark Knight. Photo: Edward Wong

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The buyer is a consortium of Hong Kong investors and Chinese buyers led by Beijing-based China Energy Reserve & Chemicals Group

Central offices building, the Centre. Hong Kong. 25JUL16

Chairman of CK Hutchison Li Ka-shing attends Li Ka-shing Foundation-Shantou University Ocean Rowing Team Completes Challenge at Whampoa Promenade Private pier in Hung Hom. 19FEB17 SCMP/ Dickson Lee

At 73 storeys, The Center is the tallest building in Li Ka-shing’s property portfolio, and the fifth tallest tower in Hong Kong. Photo: Martin Chan

Record HK$40.2 billion paid for The Center is ‘reasonable’, Hong Kong investor says

The Center at 99 Queen's Road Central. Photo: Nora Tam

This image show a headshot of Ma Kiu-sang, eldest of three sons of Ma Ah-muk, minibus tycoon who runs one of the biggest green franchised minibus companies in Hong Kong. 30APR16 SCMP/Edward Wong [16JUNE2016 FEATURES LIFE]

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Raymond Tsoi Chi-chung, David Chan Ping-chi, Ma Ah Mok, and Lo Man-tuen now own a combined 45 per cent of the world’s priciest office building.


Explainers: Business

Property investment

Hong Kong property

From cassettes, mini buses to the world’s priciest tower: a peek at Hong Kong’s buyers of The Center

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Raymond Tsoi Chi-chung, David Chan Ping-chi, Ma Ah Mok, and Lo Man-tuen now own a combined 45 per cent of the world’s priciest office building.

Raymond Tsoi Chi-chung, David Chan Ping-chi, Ma Ah Mok, and Lo Man-tuen now own a combined 45 per cent of the world’s priciest office building.