What does Hong Kong’s Anglican church do with money from sale of property? It buys some more
CSI Properties, which bought the Hong Kong Anglican Church’s old staff quarters for HK$400 million, is redeveloping the site along with Richard Li into a HK$2 billion luxury residential project
For five decades, an 11-storey building at 5 Glenealy Road in Mid-Levels served as the staff quarters of the Hong Kong Anglican Church, until it was sold in January to CSI Properties for HK$400 million (US$51 million).
Now, CSI, which also owns the adjacent Yue Lam Mansion at 3 and 4 Glenealy Road, is redeveloping the two buildings, within walking distance of Central station and Lan Kwai Fong, into a HK$2 billion premium luxury residential project along with Richard Li Tzar-kai, the younger son of Hong Kong’s richest man Li Ka-shing.
St Paul’s Church, under Hong Kong Sheng Kung Hui, has since spent about HK$240 million, including stamp duty of HK$54.88 million, on 12 luxury flats in Tai Tam, Mid-Levels, Central and Pok Fu Lam for its staff, drawing criticism from local pressure groups.
According to an article published in the local media, the Liber Research Community wanted Sheng Kung Hui to move its staff to Ridley House on Upper Albert Road, another old building in the vicinity, instead of buying expensive properties.
Reverend Peter Douglas Koon Ho-ming, provincial secretary general of the Anglican church, defended the purchases, saying Ridley House was owned by a separate entity.