In an update from Defense World, Hongkong Land Holdings Limited (OTCMKTS:HNGKY) has experienced a significant decline in short interest in June. The short interest as of June 15th was 5,500 shares, a decrease of 36.0% from the previous month. The short-interest ratio is currently 0.9 days based on an average daily volume of 6,000 shares. Hongkong Land's stock opened at $16.59 on Friday, with a 50-day simple moving average of $16.50 and a 200-day simple moving average of $16.23. The company operates in the investment, development, and management of properties in Hong Kong, Macau, Mainland China, Southeast Asia, and internationally. It owns and manages approximately 850,000 square meters of office and luxury retail assets primarily in Hong Kong, Singapore, Beijing, and Jakarta. [8f1fde23]
In a recent article from the Hong Kong Standard, it was reported that Early Light International, founded by Francis Choi Chee-ming, is set to offer 1,323 flats at its first Hong Kong residential project, Gold Coast Bay in Tuen Mun. The project, located in Castle Peak Road-Castle Peak Bay near the Gold Coast Hotel, is expected to be completed by the end of next year. The first phase, called The Uppland, will consist of two residential blocks offering 692 flats. The developer is currently in the final stage of the presale consent application. The project boasts a prime geographical location, with up to 70 percent of the units offering sea views of Castle Peak Bay. The completion of Route 11 and the extension of the MTR Tuen Mun South Extension will significantly improve transportation accessibility in the area. Early Light International also plans to collaborate with an internationally renowned property management firm. The company already holds and manages properties in various cities, including Shanghai, Shenzhen, Guangzhou, Zhongshan, Hunan, and Shaoguan. Additionally, Early Light International has expanded its footprint to the United States and Australia, investing over AU$1.2 billion in the Australian property market. The company's goal is to offer quality products at fair prices and achieve win-win results with customers. [46209a18]
According to an article from Vetrina Tv, Hongkong Land, a leading property investment, management, and development group, plans to invest over US$400 million (HK$3.1 billion) to expand and upgrade its LANDMARK retail portfolio in Central, Hong Kong. The investment will be carried out over a three-year period, with phase one commencing in the third quarter of 2024. Luxury retail tenants, including Cartier, CHANEL, Dior, Hermès, Louis Vuitton, Prada, Saint Laurent, Sotheby's, Tiffany & Co., and Van Cleef & Arpels, will also invest an estimated US$600 million (HK$4.7 billion) in the design and creation of new offerings. The project aims to meet luxury tenants' demand for additional retail space and enhanced brand representation. It will create 10 world-class, multi-storey Maison destinations, making LANDMARK one of the largest luxury retail propositions in the world. The transformation project will also include the conversion of office space, the addition of new restaurants, and the integration of sustainability measures. The investment is expected to strengthen Hongkong Land's market share and leadership in the luxury goods segment. [6df57a41]
In another development, New World Development (NWD), a Hong Kong-listed conglomerate, has sold a 30% stake in the North tower of the Shenzhen Qianhai Chow Tai Fook Finance Centre to parent company Chow Tai Fook Enterprises for 1.44 billion yuan (US$198.2 million). The office tower has a total gross floor area of 125,600 square meters and an office occupancy rate of 37%. NWD estimates a gain of about HK$113 million (US$14.5 million) from the transaction, which will improve liquidity and strengthen the financial position. The proceeds will be used as general working capital. NWD has been divesting assets to reduce debt and has set a target of reducing its gearing ratio to below 40% by 2027. [80dbf17a]
According to an article from the South China Morning Post, the One HarbourGate East Tower in Hong Kong, which was seized from Chinese tycoon Chen Hongtian, has been put up for sale for a second time. The prime harborfront property, valued at around HK$7 billion (US$896 million) in 2022, was seized by creditors in early 2023. The tower, with about 279,000 sq ft of commercial space, was bought for HK$4.5 billion in 2016 and serves as the headquarters for Sun Life Hong Kong. The unit price is expected to be between HK$10,500 and HK$12,000 per square foot. The deadline for offers is noon on August 20. [f77c9a37]
According to a recent article from the South China Morning Post, almost 400 land leases in Hong Kong that are due to expire in six years will be automatically renewed for another 50 years, beyond 2047, under a new arrangement that took effect on Friday. The newly gazetted Extension of Government Leases Ordinance also allows more than 300,000 commercial, residential, and industrial land leases to be automatically extended for another 50 years upon expiry on June 30, 2047. The first batch of lease renewals involves 376 parcels of land, all of which will expire in less than six years. Most, or 309, are located in Kowloon, primarily in Yau Tsim Mong district. The remaining 67 are on Hong Kong Island. The ordinance provides a statutory mechanism for handling extensions, in batches, of general-purpose leases that do not contain a right of renewal and that expire on or after Friday. The director of lands will extend the relevant land leases by publishing an extension notice in the government gazette six years before the expiry of each batch of leases. Landowners do not have to perform any procedures. [673b066b]