https://www.scmp.com/rss/222375/feed K Wah International Holdings invests in and develops real estate in Hong Kong, China, and Southeast Asia. It owns a controlling stake in K Wah Construction Materials, which sells and distributes concrete pipes and aggregates; and makes and distributes ready-mixed concrete and precast concrete products. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Cheryl Arcibal Cheryl Arcibal Hong Kong homebuyers snapped up most of the new flats released on Thursday, with developers beginning to ramp up new construction amid sustained housing demand. All 120 units at the One Victoria Cove I in Hung Hom, jointly developed by Henderson Land Development, Hysan Development and Empire Group, were sold by 5.20pm, according to agents. Meanwhile, New World Development (NWD) and MTR Corp’s Pavilia Farm III above Tai Wai MTR station found buyers for 19 of the 45 units as of 6.50pm. Most recent... https://www.scmp.com/business/article/3352063/hong-kong-homebuyers-flock-new-launches-flats-sell-out-swiftly?utm_source=rss_feed https://www.scmp.com/business/article/3352063/hong-kong-homebuyers-flock-new-launches-flats-sell-out-swiftly?utm_source=rss_feed Thu, 30 Apr 2026 12:35:13 +0000 Julie Zhang Julie Zhang Homebuyers continued to signal confidence in Hong Kong’s residential market on Saturday, with about three quarters of 248 new flats put up for sale snapped up by late afternoon. A total of 53 out of 88 units were sold at The Pavilia Farm III, while 129 of 160 units at KT Marina II in Kai Tak were taken as of 4.30pm, according to Midland Realty. The Pavilia Farm III, a project jointly developed by New World Development (NWD) and MTR Corp atop Tai Wai Station in Sha Tin, saw buyers throng the... https://www.scmp.com/business/article/3350573/hong-kong-buyers-snap-more-180-new-homes-market-confidence-returns?utm_source=rss_feed https://www.scmp.com/business/article/3350573/hong-kong-buyers-snap-more-180-new-homes-market-confidence-returns?utm_source=rss_feed Sat, 18 Apr 2026 09:39:43 +0000 Peggy Ye Peggy Ye While Hong Kong developers have accelerated project launches following the Easter holiday, primary home sales are settling into a measured phase following an earlier surge in demand. The shift is evident at La Mirabelle I in Tseung Kwan O, where Sino Land and its partners released a third batch of units on Sunday. Buyers snapped up 71 of the 261 units on offer, pointing to less urgent demand than in earlier rounds. The latest batch comprises 33 one-bedroom units, 178 two-bedroom units and 50... https://www.scmp.com/business/companies/article/3349784/hong-kong-home-sales-outlook-firm-even-demand-ebbs-tseung-kwan-o-project?utm_source=rss_feed https://www.scmp.com/business/companies/article/3349784/hong-kong-home-sales-outlook-firm-even-demand-ebbs-tseung-kwan-o-project?utm_source=rss_feed Sun, 12 Apr 2026 07:30:17 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong developers are preparing to launch nearly 1,300 units in the coming days and weeks, with some edging up prices amid improving homebuying sentiment. On Sunday, 261 units at La Mirabelle I will be released, with average prices ranging from HK$15,335 (US$1,958) to HK$19,613 per square foot after discounts of up to 15 per cent, according to Sino Land, one of the project’s developers. The pricing marks a 1 per cent increase on the previous batch, which Sino said reflected the quality of the... https://www.scmp.com/business/article/3349556/hong-kong-developers-roll-out-1300-homes-prices-edge-firmer-demand?utm_source=rss_feed https://www.scmp.com/business/article/3349556/hong-kong-developers-roll-out-1300-homes-prices-edge-firmer-demand?utm_source=rss_feed Thu, 09 Apr 2026 23:00:09 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong homebuyers flocked to the second round of new flat sales at the La Mirabelle I project in Tseung Kwan O on Tuesday, underscoring continuing demand for property amid escalating tensions in the Middle East. Of the 168 units offered via a price list, 152 had been sold as of 6.40pm, according to Sino Land. A further 86 flats were made available by tender. Sino is one of the project’s co-developers. The launch generated more than HK$1.1 billion (US$140 million) in revenue, the developer... https://www.scmp.com/business/article/3349223/hong-kong-property-launch-sees-brisk-sales-buyers-unfazed-trumps-iran-warning?utm_source=rss_feed https://www.scmp.com/business/article/3349223/hong-kong-property-launch-sees-brisk-sales-buyers-unfazed-trumps-iran-warning?utm_source=rss_feed Tue, 07 Apr 2026 05:26:19 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong developers are raising prices of new homes this week following sold-out launches in recent days, further testing the appetite of homebuyers amid geopolitical and interest rate uncertainties. Henderson Land Development put another 39 units at its Chester project in Hung Hom on sale on Monday, with 25 homes finding buyers, according to agents. With an average discounted price of HK$22,198 (US$2,831) per square foot, the units were priced 4.57 per cent higher than the 123 units that sold... https://www.scmp.com/business/article/3349172/hong-kong-developers-test-homebuyers-modest-price-increases-after-sell-outs?utm_source=rss_feed https://www.scmp.com/business/article/3349172/hong-kong-developers-test-homebuyers-modest-price-increases-after-sell-outs?utm_source=rss_feed Mon, 06 Apr 2026 10:30:44 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong homebuyers snapped up new launches on Tuesday as developers accelerated sales amid concerns over slower rate cuts and geopolitical tensions in the Middle East. By about 3.50pm, all 254 flats released at the La Mirabelle project in Tseung Kwan O had been sold, according to market agents. “Today’s positive sales results at La Mirabelle is a vote of confidence for the Hong Kong residential market,” said Daryl Ng, chairman of Sino Group. “The Hong Kong residential market fundamentals are... https://www.scmp.com/business/article/3348547/hong-kong-homebuyers-pile-new-launches-despite-rate-jitters-and-middle-east-tensions?utm_source=rss_feed https://www.scmp.com/business/article/3348547/hong-kong-homebuyers-pile-new-launches-despite-rate-jitters-and-middle-east-tensions?utm_source=rss_feed Tue, 31 Mar 2026 09:49:52 +0000 Matthew Cheng,Lam Ka-sing Matthew Cheng,Lam Ka-sing Hong Kong tycoons have expressed confidence in the Middle East’s economic outlook amid continued strikes by the United States and Israel on Iran and Tehran’s retaliatory attacks, stressing that the city’s economy is unlikely to be affected. Speaking to the media in Beijing on the sidelines of the “two sessions” – the nation’s annual parliamentary meetings – on Wednesday, Adrian Cheng Chi-kong, former heir apparent to Hong Kong property giant New World Development, said the Middle East’s economic... https://www.scmp.com/news/hong-kong/politics/article/3345468/hong-kong-tycoons-downplay-impact-middle-east-war-citys-fortunes?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3345468/hong-kong-tycoons-downplay-impact-middle-east-war-citys-fortunes?utm_source=rss_feed Wed, 04 Mar 2026 14:11:22 +0000 Cheryl Arcibal Cheryl Arcibal May Chan is looking for a home that she can call her own. The freelancer wants to buy a flat, but high mortgage rates as well as uncertainty in the property market kept her from taking the plunge. “I would like to buy a flat, if I can afford it,” she said. “It would certainly help if there are discounts.” Now that mortgage rates have stabilised and there is less uncertainty about property prices, she hopes to find a reasonably priced home. With Hong Kong’s residential property market stabilising... https://www.scmp.com/business/article/3344098/hong-kong-homebuyers-face-dwindling-discounts-property-market-stabilises?utm_source=rss_feed https://www.scmp.com/business/article/3344098/hong-kong-homebuyers-face-dwindling-discounts-property-market-stabilises?utm_source=rss_feed Mon, 23 Feb 2026 01:30:13 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong-based Kerry Properties has won a tender for a residential plot in Shau Kei Wan for HK$1.38 billion (US$177 million), which drew heavy bidding interest from both mainland Chinese and local developers. Kerry beat seven other bidders for a 50-year grant for the 1,349-square-metre (14,523 sq ft) parcel in the Eastern district, the Lands Department said on Monday. The plot was expected to provide a total gross floor area of over 130,000 sq ft, yielding around 300 residential units,... https://www.scmp.com/business/article/3343728/hong-kongs-kerry-properties-secures-shau-kei-wan-residential-plot-us177-million?utm_source=rss_feed https://www.scmp.com/business/article/3343728/hong-kongs-kerry-properties-secures-shau-kei-wan-residential-plot-us177-million?utm_source=rss_feed Mon, 16 Feb 2026 09:00:08 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong-listed mainland Chinese developer China Overseas Land & Investment won a bid for a 3,132-square-metre (33,712 sq ft) residential plot in Kowloon East, beating some of the city’s largest developers with a higher-than-expected tender. The state-backed developer beat eight rivals to secure a 50-year grant for the parcel in Ngau Tau Kok with its bid of HK$1.8 billion (US$230 million), according to a statement from the Lands Department on Tuesday. The site is expected to yield 470... https://www.scmp.com/business/article/3343088/hong-kong-residential-plot-fetches-us230-million-chinese-developer-outbids-city-rivals?utm_source=rss_feed https://www.scmp.com/business/article/3343088/hong-kong-residential-plot-fetches-us230-million-chinese-developer-outbids-city-rivals?utm_source=rss_feed Tue, 10 Feb 2026 12:34:34 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong homebuyers continued to show strong demand for new residential launches over the weekend, potentially pushing primary market transactions to a five-month high, according to agents. By 3.30pm on Saturday, about two-thirds of the 108 units released at Park Seasons – a Lohas Park project in Tseung Kwan O developed by Wheelock Properties and the city’s subway operator MTR Corp – had found buyers, agents said. On Friday, all 60 units on offer at K. Wah International’s Kabitat Tin Hau... https://www.scmp.com/business/article/3341104/hong-kong-homebuyers-keep-robust-demand-new-launches-draw-brisk-sales?utm_source=rss_feed https://www.scmp.com/business/article/3341104/hong-kong-homebuyers-keep-robust-demand-new-launches-draw-brisk-sales?utm_source=rss_feed Sat, 24 Jan 2026 09:01:03 +0000 Peggy Sito Peggy Sito A joint venture between Sino Land and Great Eagle Holdings has won a government residential site tender in Kowloon for HK$1.61 billion (US$206 million), outbidding major Hong Kong developers as the city’s housing market shows signs of stabilising. The purchase of the 41,226 sq ft site, which could yield 570 units, underscored the company’s confidence in the long-term development prospects of Hong Kong, according to Sino Land. Sino Land owns 85 per cent of the joint venture, while Great Eagle... https://www.scmp.com/business/companies/article/3339090/hong-kongs-sino-land-and-great-eagle-secure-kowloon-site-us206-million?utm_source=rss_feed https://www.scmp.com/business/companies/article/3339090/hong-kongs-sino-land-and-great-eagle-secure-kowloon-site-us206-million?utm_source=rss_feed Wed, 07 Jan 2026 13:49:22 +0000 Cheryl Arcibal Cheryl Arcibal Chinachem Group has secured a 70,127 sq ft site in Tsuen Wan in the New Territories for more than HK$2.47 billion (US$318 million), beating eight other bidders, according to the Lands Department. The other bidders were Sun Hung Kai Properties, CK Asset Holdings, Henderson Land Development, Great Eagle Holdings, China Overseas Land & Investment, K. Wah International Holdings, Wheelock Properties and a consortium of Sino Land, Kerry Properties and China Merchants Land. The award gives Chinachem –... https://www.scmp.com/business/article/3333300/chinachem-secures-plot-hong-kongs-tsuen-wan-us318-million?utm_source=rss_feed https://www.scmp.com/business/article/3333300/chinachem-secures-plot-hong-kongs-tsuen-wan-us318-million?utm_source=rss_feed Tue, 18 Nov 2025 13:33:34 +0000 Salina Li Salina Li Brisk transactions in Hong Kong’s primary residential market continued apace, with two projects recording robust sales over the weekend. Buyers had acquired 74 of the 138 units on Sunday at the 680-unit Grand Mayfair III on 29 Kam Tin Road in the New Territories in the second round of the project’s sales on Sunday, according to agents. The project, jointly developed by Sino Land, K Wah International, China Overseas Land and Investment and MTR Corp, sold all 138 units in the first round on... https://www.scmp.com/business/article/3330362/hong-kong-property-grand-mayfair-iii-and-woodis-see-brisk-sales-market-picks?utm_source=rss_feed https://www.scmp.com/business/article/3330362/hong-kong-property-grand-mayfair-iii-and-woodis-see-brisk-sales-market-picks?utm_source=rss_feed Sun, 26 Oct 2025 08:45:15 +0000 Salina Li Salina Li Family members and executives at Hong Kong property developer Great Eagle continue to snap up local residential units, as the city’s housing market sees improved investment sentiment amid market stabilisation. Members of the family of Lo Ka-shui, chairman and managing director of Great Eagle, as well as executives of the company, jointly acquired six residential units on Hong Kong Island and in the New Territories this month for a combined total of HK$58.9 million (US$7.5 million). Two units at... https://www.scmp.com/property/article/3330231/great-eagle-insiders-snap-6-hong-kong-flats-us75-million-amid-improving-market?utm_source=rss_feed https://www.scmp.com/property/article/3330231/great-eagle-insiders-snap-6-hong-kong-flats-us75-million-amid-improving-market?utm_source=rss_feed Fri, 24 Oct 2025 09:55:48 +0000 Salina Li Salina Li Hong Kong developer Sino Land’s chairman, Daryl Ng Win Kong, is confident about the outlook for the city’s property market next year, noting multiple positive signals have emerged boosting the market. Chief among the factors were the start of a lower interest-rate cut cycle and a robust initial public offering market, Ng said after the company’s annual general meeting on Wednesday, his first since being appointed chairman in August. The Hong Kong Monetary Authority reduced rates in September for... https://www.scmp.com/business/article/3329956/sino-land-chairman-darryl-ng-sees-positive-signs-hong-kongs-property-market?utm_source=rss_feed https://www.scmp.com/business/article/3329956/sino-land-chairman-darryl-ng-sees-positive-signs-hong-kongs-property-market?utm_source=rss_feed Wed, 22 Oct 2025 10:40:43 +0000 Salina Li Salina Li Hong Kong’s first-hand housing market saw brisk transactions on Monday, with buyers snapping up all available units at a project in Yuen Long, New Territories. The 680-unit Grand Mayfair III on 29 Kam Tin Road – jointly developed by Sino Land, K Wah International, China Overseas Land and Investment and MTR Corp – sold all 138 units that were put up for sale, according to the developers. The development is part of the 2,220-unit Grand Mayfair project. The developers released the first price list... https://www.scmp.com/business/article/3329804/grand-mayfair-iii-sells-all-units-amid-stabilising-hong-kong-property-market?utm_source=rss_feed https://www.scmp.com/business/article/3329804/grand-mayfair-iii-sells-all-units-amid-stabilising-hong-kong-property-market?utm_source=rss_feed Tue, 21 Oct 2025 10:00:50 +0000 Salina Li Salina Li Buyers connected to Hong Kong property developer Great Eagle Holdings have bought another home in the New Territories after snapping up dozens of units across the city in recent months. The 773 sq ft three-bedroom unit at Grand Mayfair II in Kam Tin South, developed by China Overseas, Sino Land and K Wah, was sold for HK$11.99 million (US$1.54 million), or HK$15,510 per square foot, and handed over to Rising Thrive on October 2, according to Land Registry records. Alexander Lo Chun-him, Kan... https://www.scmp.com/business/article/3328506/hong-kong-developer-great-eagles-executives-jointly-acquire-us15-million-flat?utm_source=rss_feed https://www.scmp.com/business/article/3328506/hong-kong-developer-great-eagles-executives-jointly-acquire-us15-million-flat?utm_source=rss_feed Fri, 10 Oct 2025 07:05:41 +0000 Salina Li Salina Li Hong Kong developer K. Wah International on Thursday said it priced units in a new residential development in Tin Hau 17 per cent higher than a new neighbouring project that was launched last year, as both transactions and home prices have lately shown signs of recovery. K. Wah International said it priced 30 units in its Kabitat Tin Hau project, located at 33 King’s Road, at an average price of HK$24,311 (US$3,121) per square foot after a maximum discount. The average price in the 74-flat... https://www.scmp.com/business/companies/article/3325230/developer-k-wah-international-prices-new-tin-hau-units-higher-level-neighbour?utm_source=rss_feed https://www.scmp.com/business/companies/article/3325230/developer-k-wah-international-prices-new-tin-hau-units-higher-level-neighbour?utm_source=rss_feed Thu, 11 Sep 2025 12:42:27 +0000 Peggy Sito Peggy Sito Hong Kong developers rushed to put more than 200 residential units on the market for sale on Friday, as they took advantage of the market’s anticipation of the first interest rate cut of 2025, which may take place as soon as mid-September. Most of the flats were offered at two locations on the Kowloon peninsula. A consortium led by Sino Land put up 109 units of Villa Garda II in Tseung Kwan O at between HK$14,245 and HK$17,940 per sq ft after discounts. In Kai Tak on the seafront runway of the... https://www.scmp.com/business/companies/article/3321942/hong-kong-developers-put-more-200-flats-sale-amid-interest-rate-optimism?utm_source=rss_feed https://www.scmp.com/business/companies/article/3321942/hong-kong-developers-put-more-200-flats-sale-amid-interest-rate-optimism?utm_source=rss_feed Fri, 15 Aug 2025 04:30:15 +0000 Peggy Sito Peggy Sito Sino Land has won a residential site tender in Tuen Mun for HK$1.09 billion, beating major Hong Kong and mainland Chinese developers – including CK Asset Holdings, Kerry Properties and China Overseas Land & Investment – as the city’s housing market shows early signs of recovery. The transaction, which marked the Hong Kong government’s first residential plot sale this financial year, involved a site at Hoi Chu Road in Tuen Mun, a district in proximity to Shenzhen Bay. “The sought-after site... https://www.scmp.com/business/companies/article/3321760/sino-land-wins-tuen-mun-land-tender-hk1-billion-bid-amid-improved-housing-market?utm_source=rss_feed https://www.scmp.com/business/companies/article/3321760/sino-land-wins-tuen-mun-land-tender-hk1-billion-bid-amid-improved-housing-market?utm_source=rss_feed Wed, 13 Aug 2025 12:28:07 +0000 Salina Li Salina Li Several buyers of flats at Grand Mayfair II – a high-rise residential project in Yuen Long, New Territories – have cancelled their contracts after a market slump eroded home prices in the area by about a quarter since they acquired the units three years ago. They forfeited HK$15.6 million (US$2 million) in deposits on 19 flats on Tuesday to terminate their sale and purchase agreements from May 2022, according to the latest data published by developers. They added to the lone cancellation in 2022... https://www.scmp.com/business/article/3315097/hong-kong-buyers-forfeit-deposits-grand-mayfair-project-after-25-market-slump?utm_source=rss_feed https://www.scmp.com/business/article/3315097/hong-kong-buyers-forfeit-deposits-grand-mayfair-project-after-25-market-slump?utm_source=rss_feed Thu, 19 Jun 2025 11:03:07 +0000 Peggy Sito Peggy Sito A shortage of hotel rooms is hindering Macau’s growth, and further policy breakthroughs to facilitate the development of nearby Hengqin Island – three times the size of Macau – are needed to solve the problem, according to the chairman of Galaxy Entertainment Group. “As Macau shifts towards a more mass-market and event-focused model, the question of hotel rooms must be addressed,” said Francis Lui Yiu-tung in a briefing with Hong Kong reporters on Monday. With visitor arrivals growing, demand... https://www.scmp.com/business/companies/article/3312768/macaus-galaxy-boss-hotel-shortage-must-be-addressed-hengqin-island-policy?utm_source=rss_feed https://www.scmp.com/business/companies/article/3312768/macaus-galaxy-boss-hotel-shortage-must-be-addressed-hengqin-island-policy?utm_source=rss_feed Mon, 02 Jun 2025 11:30:08 +0000 Salina Li Salina Li A total of four Hong Kong property developers submitted bids for a residential land parcel in Tung Chung, the Lands Department said on Friday, after the government revised its requirements to accommodate cautious sentiment and high interest rates. Sino Land, Sun Hung Kai Properties and K. Wah International were among the bidders. Town Lot 55 in Area 106B is expected to house 745 flats. The city’s government put the 37,268-square-metre (401,000 sq ft) plot on the market in 2023 but withdrew it... https://www.scmp.com/business/article/3298750/sun-hung-kai-sino-land-among-4-hong-kong-developers-bidding-tung-chung-plot?utm_source=rss_feed https://www.scmp.com/business/article/3298750/sun-hung-kai-sino-land-among-4-hong-kong-developers-bidding-tung-chung-plot?utm_source=rss_feed Fri, 14 Feb 2025 10:55:50 +0000 Enoch Yiu Enoch Yiu Macau casino and resort operator Galaxy Entertainment Group has named Francis Lui Yiu-tung, the eldest son of the recently deceased tycoon Lui Che-woo, as its new chairman with immediate effect. The board believes Francis Lui, who formerly was deputy chairman, “will continue to bring satisfying benefits and positive impact on the development of the group’s businesses”, the company said in a filing to the Hong Kong stock exchange on Friday. The elder Lui, who rose from humble beginnings selling... https://www.scmp.com/business/companies/article/3290739/galaxy-entertainment-appoints-founder-lui-che-woos-eldest-son-chairman?utm_source=rss_feed https://www.scmp.com/business/companies/article/3290739/galaxy-entertainment-appoints-founder-lui-che-woos-eldest-son-chairman?utm_source=rss_feed Fri, 13 Dec 2024 11:46:41 +0000 Enoch Yiu,Danny Mok,Peggy Sito Enoch Yiu,Danny Mok,Peggy Sito Lui Che-woo, who rose from humble beginnings selling peanuts and snacks to become one of Asia’s biggest casino magnates, with a portfolio of hotels, resorts and property in Hong Kong and Macau, has died. He was 95. Lui, the chairman and founder of the K. Wah Group of companies, died peacefully on November 7, according to filings to the Hong Kong stock exchange by K. Wah International, which develops property, and Galaxy Entertainment Group (GEG), which operates a casino and resort in... https://www.scmp.com/business/article/3286122/lui-che-woo-hong-kong-property-and-casino-magnate-kwah-galaxy-dies-age-95?utm_source=rss_feed https://www.scmp.com/business/article/3286122/lui-che-woo-hong-kong-property-and-casino-magnate-kwah-galaxy-dies-age-95?utm_source=rss_feed Mon, 11 Nov 2024 15:11:40 +0000 Hong Kong on Saturday saw 223 new residential units across five projects made available to homebuyers, with the new major launch of 138 flats at a project in Tseung Kwan O offering discounts as high as 15 per cent. As of 4.30pm, Villa Garda III sold 73 out of 138 units, according to property agents. The units comprise 17 one-bedroom, 113 two-bedroom and eight three-bedroom flats, with areas ranging from 340 sq ft to 719 sq ft. The project – jointly developed by Sino Land, K Wah International and... https://www.scmp.com/business/article/3232405/hongkongers-snap-cheaper-new-homes-weekend-home-sale-bonanza-saw-223-flats-offer?utm_source=rss_feed https://www.scmp.com/business/article/3232405/hongkongers-snap-cheaper-new-homes-weekend-home-sale-bonanza-saw-223-flats-offer?utm_source=rss_feed Sat, 26 Aug 2023 10:30:11 +0000 K Wah International Holdings, the property developer owned by one of Macau’s biggest casino owners, said its first-half profit declined by more than half after Hong Kong’s elevated interest rates dampened demand for homes. Its profit attributable to equity holders fell about 55.4 per cent to HK$481.9 million (US$61.5 million), while revenue slumped by 42 per cent to HK$3.1 billion, according to a filing with the Hong Kong stock exchange on Wednesday. “Despite the government relaxing measures on... https://www.scmp.com/business/article/3232061/property-developer-k-wahs-profit-falls-more-half-hong-kongs-higher-interest-rates-sour-market?utm_source=rss_feed https://www.scmp.com/business/article/3232061/property-developer-k-wahs-profit-falls-more-half-hong-kongs-higher-interest-rates-sour-market?utm_source=rss_feed Wed, 23 Aug 2023 12:00:25 +0000 Two of China’s biggest state-backed developers reported a drop in interim earnings as sporadic Covid-19 lockdowns and debt defaults kept homebuyers at bay, stoking the worst slump in home sales in 24 years. Earnings at China Overseas Land & Investment (COLI) shrank by 19 per cent to 16.7 billion yuan (US$2.43 billion) in the six months to June 30, the company said in an exchange filing in Hong Kong. At Poly Property Group, income fell 9.2 per cent to HK$1.51 billion (US$192 million). Property... https://www.scmp.com/business/article/3190040/chinese-state-backed-developers-coli-poly-property-book-smaller-profits?utm_source=rss_feed https://www.scmp.com/business/article/3190040/chinese-state-backed-developers-coli-poly-property-book-smaller-profits?utm_source=rss_feed Wed, 24 Aug 2022 10:30:15 +0000 The Hong Kong government on Tuesday rejected all five bids received for a 1.3 million square feet residential site in Tuen Mun, the first to be subject to a 280 sq ft minimum flat size requirement, as all tenders were below the reserve price. “All five tenders received for the sale of a residential site in Tuen Mun town lot no. 561 at Castle Peak Road – Tai Lam, Tuen Mun, have been rejected as their tendered premiums did not meet the government’s reserve price for the site,” the Lands Department... https://www.scmp.com/business/article/3175605/hong-kong-government-rejects-all-bids-tuen-mun-site-first-land-sale-carry?utm_source=rss_feed https://www.scmp.com/business/article/3175605/hong-kong-government-rejects-all-bids-tuen-mun-site-first-land-sale-carry?utm_source=rss_feed Tue, 26 Apr 2022 13:44:20 +0000 K Wah International Holdings, the property developer owned by one of Macau’s biggest casino owners, reported its first drop in annual core earnings since 2017 after a Covid-19 led tourism slump deprived it of dividends from the gambling business. The company’s 2021 underlying profit, excluding a revaluation gain on investment properties, fell 17.4 per cent to HK$2.93 billion (US$374 million) from HK$3.54 billion, K Wah said in a statement on Tuesday. Net profit taking the revaluation gain into... https://www.scmp.com/business/article/3171411/hong-kong-developer-k-wah-reports-first-decline-core-profit-2017-absence?utm_source=rss_feed https://www.scmp.com/business/article/3171411/hong-kong-developer-k-wah-reports-first-decline-core-profit-2017-absence?utm_source=rss_feed Tue, 22 Mar 2022 10:30:19 +0000 A subsidiary of Wharf (Holdings) has agreed to pay a higher-than-expected HK$12 billion (US$1.5 billion) to become the owner of the first residential land parcel to be sold since 2010 in Hong Kong’s most exclusive housing enclave. At HK$46,272 per square foot, the sale has also set a record for Hong Kong’s most expensive residential site sold by government tender in terms of square footage. Back in 2006, Sun Hung Kai Properties splashed out HK$1.8 billion, or HK$42,196 per square foot, for the... https://www.scmp.com/business/article/3115150/wharf-development-pays-us15-billion-peak-plot-sets-record-most-expensive?utm_source=rss_feed https://www.scmp.com/business/article/3115150/wharf-development-pays-us15-billion-peak-plot-sets-record-most-expensive?utm_source=rss_feed Wed, 23 Dec 2020 12:30:25 +0000 Hong Kong’s homebuyers jumped at the chance for life in the luxury district of Sha Tin, snapping up a new residential project launched there, while giving their collective cold shoulder to a two-year old leftover development at the city’s former airport site. CK Asset Holdings sold 86 out of 98 flats on offer at the El Futuro project in Sha Tin as of 9.30pm, with more than 800 buyers vying for every available apartment. El Futuro, scheduled for completion in March 2023, is priced between HK$7.62... https://www.scmp.com/business/companies/article/3107922/hong-kong-homebuyers-snap-ck-assets-new-launch-sha-tin-giving-k?utm_source=rss_feed https://www.scmp.com/business/companies/article/3107922/hong-kong-homebuyers-snap-ck-assets-new-launch-sha-tin-giving-k?utm_source=rss_feed Sat, 31 Oct 2020 10:09:41 +0000 Hong Kong’s biggest home sale since the November 24 landslide victory by opposition parties got off to a lacklustre start, as buyers continued to stay on the sidelines amid uncertainty over the city’s long-term political environment. K. Wah International, chaired by the city’s sixth-wealthiest man Lui Che-woo, sold 128 of the 228 flats at its K. Summit complex at the former Kai Tak airport as of 5pm, agents said, adding that they don’t expect the project to sell out on its first... https://www.scmp.com/business/article/3041085/buyers-stay-sidelines-k-summit-hong-kongs-first-home-sale-november-24?utm_source=rss_feed https://www.scmp.com/business/article/3041085/buyers-stay-sidelines-k-summit-hong-kongs-first-home-sale-november-24?utm_source=rss_feed Sat, 07 Dec 2019 09:42:19 +0000 A consortium of Hong Kong developers bought the most valuable parcel of residential land on the runway of the city’s former airport for a discount, as six months of the city’s worst political crisis sent the local property market into a tailspin. China Overseas Land & Investment, Henderson Land Development, K. Wah International Holdings and Wharf Development together paid HK$15.95 billion (US$2.04 billion) for Area 4A Site 2 at the former Kai Tak airfield, barely meeting the lower end of a price... https://www.scmp.com/business/article/3037577/developers-pick-kai-taks-most-valuable-harbourfront-land-plot-discount?utm_source=rss_feed https://www.scmp.com/business/article/3037577/developers-pick-kai-taks-most-valuable-harbourfront-land-plot-discount?utm_source=rss_feed Wed, 13 Nov 2019 10:45:28 +0000 The tender for a sea-facing plot of land on the runway of Hong Kong’s former airport received only four bids even after its valuation was cut by 15 per cent to reflect the worsening state of the city’s economy following five months of social unrest, the US-China trade war and a looming vacancy tax. The four bids are on par with a record for the lowest number of bids, set by Area 4A Site 1, another plot, in July. Sun Hung Kai Properties, CK Asset Holdings, a consortium of Sino Land Company, Great... https://www.scmp.com/property/hong-kong-china/article/3036906/kai-tak-runway-parcel-tender-receives-muted-response-even?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3036906/kai-tak-runway-parcel-tender-receives-muted-response-even?utm_source=rss_feed Fri, 08 Nov 2019 07:38:46 +0000 Hong Kong’s property buyers gave their collective cold shoulder to the biggest sale of new homes in a month, picking up just over 30 per cent the 442 new flats on offer, as sentiments stayed downbeat amid protest rallies that have persisted since early June. Wing Tai Properties sold 23 of the 110 flats at its OMA OMA project in Tuen Mun as of 9pm, according to sales agents. China Overseas Land & Investment sold 111 of 332 units on offer at The Regent in Tai Po, with a total contracted sales... https://www.scmp.com/business/article/3018493/homebuyers-give-their-collective-cold-shoulder-new-flats-tuen-mun-tai-po?utm_source=rss_feed https://www.scmp.com/business/article/3018493/homebuyers-give-their-collective-cold-shoulder-new-flats-tuen-mun-tai-po?utm_source=rss_feed Sat, 13 Jul 2019 13:01:54 +0000 Hong Kong’s property buyers braved a downpour to snap up more than a hundred unoccupied apartment units and hundreds of park lots around the city, helping developers clear the unsold stock ahead of a government plan to impose a so-called vacancy tax to deter hoarding. As many as 119 units across the city, or 68 per cent of the 176 flats put on offer by four developers, were sold on Saturday, according to agents. Wheelock Properties sold all 107 of its parking spaces and 24 motorcycle parking... https://www.scmp.com/business/article/2152151/home-demand-helps-developers-clear-housing-stock-hong-kong-slaps-vacancy?utm_source=rss_feed https://www.scmp.com/business/article/2152151/home-demand-helps-developers-clear-housing-stock-hong-kong-slaps-vacancy?utm_source=rss_feed Sat, 23 Jun 2018 08:36:53 +0000 K Wah International Holdings received 8,400 bids for the 238 units available at its Solaria project in Tai Po over the weekend, an overwhelming response that underscored Hong Kong’s buoyant residential property market, where average monthly prices had risen for 25 consecutive months. More than 100 of the 238 units were sold as of 5pm on Saturday, even after K Wah set the offer price at a 24 per cent premium over comparable projects in the neighbourhood, sales agents said. The entire offer is... https://www.scmp.com/business/article/2148981/housing-market-shows-no-sign-cooling-down-k-wahs-solaria-flats-get?utm_source=rss_feed https://www.scmp.com/business/article/2148981/housing-market-shows-no-sign-cooling-down-k-wahs-solaria-flats-get?utm_source=rss_feed Sat, 02 Jun 2018 11:45:15 +0000 K Wah International Holdings, the first developer to start selling in a massive 3,000-unit community in northeastern Hong Kong, has set a 24 per cent price premium for its Solaria apartments at Tai Po’s Pak Shek Kok, confident in its belief that the higher price won’t deter millennial buyers eager to get their hands on a home before the city’s mortgage rates start rising. The first 225 apartment of the 1,122-unit Solaria project will start at HK$4.62 million (US$589,000) for a 225 square-feet... https://www.scmp.com/property/hong-kong-china/article/2147684/k-wah-sets-24-cent-price-premium-solaria-apartments-amid?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2147684/k-wah-sets-24-cent-price-premium-solaria-apartments-amid?utm_source=rss_feed Thu, 24 May 2018 23:30:39 +0000 K Wah International, the property developer chaired by casino magnate Lui Che-woo, aims to boost its land bank and chase lucrative acquisition targets as it looks to build premium residential and commercial projects in affluent regions of the mainland. It is one of several Hong Kong-based developers taking advantage of favourable borrowing costs compared with those available to their mainland counterparts as Beijing tightens restrictions on the overheated property market. Chief financial officer... https://www.scmp.com/business/companies/article/2121128/developer-k-wah-international-eyes-expansion-chinas-affluent?utm_source=rss_feed https://www.scmp.com/business/companies/article/2121128/developer-k-wah-international-eyes-expansion-chinas-affluent?utm_source=rss_feed Wed, 22 Nov 2017 23:02:18 +0000 K Wah International, the property developer chaired by casino magnate Lui Che-woo, announced a plunge in its first-half core earnings as it had only booked one-sixth of its property sales. Underlying profit, excluding revaluation gain on investment properties, declined 28.7 per cent to HK$1.29 billion (US$165.2 million) for the six months to June, according to a statement to Hong Kong’s stock exchange. Net profit, taking into account a revaluation gain of HK$137.4 million, rose 14 per cent to... https://www.scmp.com/property/hong-kong-china/article/2107977/k-wahs-interim-core-profit-drops-it-defers-booking-most-its?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2107977/k-wahs-interim-core-profit-drops-it-defers-booking-most-its?utm_source=rss_feed Wed, 23 Aug 2017 09:41:59 +0000 Tycoon Lui Che-woo, a pioneer in Hong Kong’s quarrying industry who later built his wealth in the property and casino industries, will hand back to the government the city’s largest quarry site to make way for development of nearly 10,000 new apartments. K. Wah Construction Materials (KWCM), renamed Galaxy Entertainment Group in 2005 and 41.2 per cent owned by Lui – was granted Hong Kong’s first contract quarry rights at Anderson Road, East Kowloon in 1964. The company will give up the quarry... https://www.scmp.com/property/hong-kong-china/article/2104021/tycoon-return-hong-kongs-largest-quarry-site-government?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2104021/tycoon-return-hong-kongs-largest-quarry-site-government?utm_source=rss_feed Tue, 25 Jul 2017 16:03:32 +0000 K Wah International Holdings Ltd., the developer controlled by casino tycoon Lui Che-woo, has won the Hong Kong government’s final land auction of 2016, paying HK$5.868 billion for a piece of land at the former Kai Tak airport site. The winning bid on the site, with a total gross floor area of 574,270 square feet, puts it at about HK$10,200 per sq ft according to Land Department’s data, in line with the market’s estimate of between HK$5.74 billion and HK$6.32 billion in total. The site, known as... https://www.scmp.com/business/article/2057939/k-wah-pays-hk587-billion-kai-tak-site-winning-hong-kongs-final-land-auction?utm_source=rss_feed https://www.scmp.com/business/article/2057939/k-wah-pays-hk587-billion-kai-tak-site-winning-hong-kongs-final-land-auction?utm_source=rss_feed Thu, 29 Dec 2016 09:05:03 +0000 K Wah International aims to double its investment property portfolio to 200,000 square metres in the next three to four years in a bid to enhance its recurrent income after first-half profit sank 76 per cent to HK$214 million due to a sharp fall in property sales. Excluding a HK$101.94 million revaluation gain on investment properties, the company's underlying profit for the six months to June was HK$129 million, far below Goldman Sachs' estimate of HK$377 million. Turnover in K Wah, whose... https://www.scmp.com/business/companies/article/1580530/k-wah-aims-double-its-investment-property-portfolio?utm_source=rss_feed https://www.scmp.com/business/companies/article/1580530/k-wah-aims-double-its-investment-property-portfolio?utm_source=rss_feed Mon, 25 Aug 2014 06:30:45 +0000 Hong Kong-listed developer K Wah International plans to expand its investment property portfolio and speed up its development cycle after recording a 66.34 per cent fall in underlying profit last year. Underlying profit plunged from HK$4.13 billion in 2012 to HK$1.39 billion last year, when fewer Hong Kong projects were completed. About 90 per cent of the firm's revenue of HK$7.29 billion was generated from sales of mainland property projects. "Our income from the mainland increased as there... https://www.scmp.com/property/hong-kong-china/article/1458097/developer-k-wah-gears-boost-investment-property-stock?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/1458097/developer-k-wah-gears-boost-investment-property-stock?utm_source=rss_feed Wed, 26 Mar 2014 17:01:19 +0000 Hong Kong developer K Wah International has jumped on the bandwagon of the free-trade zone in Shanghai, hoping its upcoming residential project near the zone may anchor its expansion plans in the mainland's commercial hub. K Wah plans to start construction soon of a residential complex with a ground floor area of about 30,000 square metres at Jinqiao, which is just a few kilometres from the free-trade zone. The zone is envisaged by Shanghai as a "mini-Hong Kong" that will further integrate the... https://www.scmp.com/business/china-business/article/1320875/k-wah-joins-frenzy-over-shanghai-zone?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1320875/k-wah-joins-frenzy-over-shanghai-zone?utm_source=rss_feed Sun, 29 Sep 2013 16:00:00 +0000 K Wah International forecasts Hong Kong property prices to fall 10 per cent to 20 per cent if the government keeps its cooling measures in place. "Property prices will drop," the firm's chairman, Lui Che-woo, said yesterday while announcing half-year earnings that included a 16 per cent drop in revenue. "The government's cooling measures are aimed at lowering prices so that people can buy their own flats. But the cost of construction is rising. We hope the government releases more sites for... https://www.scmp.com/business/companies/article/1300468/k-wah-international-gloomy-about-hong-kong-property-it-reports?utm_source=rss_feed https://www.scmp.com/business/companies/article/1300468/k-wah-international-gloomy-about-hong-kong-property-it-reports?utm_source=rss_feed Thu, 29 Aug 2013 16:00:00 +0000 K Wah International, the mid-tier developer, plans to speed up sales of mainland projects to offset the impact of cooling measures on both sides of the border. Executive director Paddy Tang Lui Wai-yu said yesterday that the cooling measures had affected the property markets in Hong Kong and on the mainland but it hoped its businesses would be in balance. Alexander Lui Yiu-wah, also an executive director, is confident about property sales on the mainland despite the new round of tightening. "The... https://www.scmp.com/business/companies/article/1201334/k-wah-keeps-faith-despite-curbs?utm_source=rss_feed https://www.scmp.com/business/companies/article/1201334/k-wah-keeps-faith-despite-curbs?utm_source=rss_feed Wed, 27 Mar 2013 16:00:00 +0000