5 d. ago Person connected to HSBC banker buys luxury property for US$15.9 million

A person connected to veteran HSBC banker Peter Wong Tung-shun bought a luxury unit in Hong Kong’s Southern district for HK$125 million (US$15.9 million), as sentiment in the city’s property market improves gradually. Two connected units with a total area of 4,616 sq ft were sold for HK$27,080 per square foot to Lion Rock (HK), according to Land Registry records. The property was handed over on Tuesday. The sole director of Lion Rock, Jeremy Wong Ka-chun, is also one of the three directors of...

Economics

6 d. ago Dubai and Abu Dhabi vie to attract Chinese luxury property buyers

Dubai and Abu Dhabi are jockeying to become the United Arab Emirates’ (UAE) top luxury property market amid increasing demand from Chinese buyers, according to agents. While Dubai was way ahead in terms of popularity, Abu Dhabi was increasingly finding favour with investors owing to its value proposition, according to Juwai IQI, a real estate broker with more than US$4 trillion in property listings globally on its platform. “Dubai and Abu Dhabi are similar markets in terms of product and...

Politics

6 d. ago Macau luxury property The 13 Hotel sells for HK$600 million to a local buyer

The 13 Hotel, touted as one of the world’s most expensive hotels, has been acquired for HK$600 million (US$76.43 million) by an unidentified investor in Macau, the city’s first such property transaction in eight years. The sale of the 22-storey lodging in Macau’s southernmost district of Coloane concluded a five-year search for a buyer, Savills Macau managing director Franco Liu said on Wednesday. The acquisition was Macau’s first hotel transaction since the fourth quarter of 2017, according to...

Economics

6 d. ago Malaysia’s first ethnic Chinese lieutenant general reaches for the stars

Malaysia’s armed forces made a historic move when it promoted Johnny Lim Eng Seng to lieutenant general on Monday. Lim is the first ethnic Chinese serviceman to reach the rank of a three-star senior officer. It was a significant promotion in the country’s Malay-dominated military, which has long struggled to attract interest from among the ethnic Chinese and ethnic Indian minorities to enlist as soldiers. Lim, who hails from Melaka state in the peninsula’s south, has been with the armed forces...

Politics

8 d. ago Middle East conflict hits global aviation, Hong Kong routes unaffected

Almost 5 per cent of international flights to the Middle East have been cancelled this month due to the escalating Israel-Iran conflict, which has made the region more unstable after the US bombarded key Iranian nuclear sites and Tehran vowed to defend itself. According to data from aviation analytics company Cirium, 1,552 out of 32,583, or 4.76 per cent of scheduled flights to Dubai, Tel Aviv, Doha, and Abu Dhabi worldwide were cancelled this month. There were no cancellations of flights...

Events

2 w. ago Should Hong Kong hit luxury homeowners with heavier fines for illegal works?

Hong Kong authorities should appeal against the “light” penalties imposed on two property owners for erecting illegal structures at their luxury Redhill Peninsula homes, experts have said, warning that the fines are not hefty enough to deter offenders. The specialists weighed in after the two property owners were told to pay more than HK$110,000 (US$14,015) in total after admitting to carrying out unauthorised building works. Their convictions are the first among 30 prosecutions made against...

Events

2 w. ago Indebted owner’s luxury property on The Peak on sale at 30% discount

Distressed sales in Hong Kong’s luxury property market persist, with a mansion on The Peak now listed at two-thirds the purchase price six years ago. The three-storey detached house in Twelve Peaks at 12 Mount Kellett Road, developed by Sun Hung Kai Properties, has been put up for sale for HK$330 million (US$42 million) by the creditor, according to Colliers, which has been appointed as the sole agent for the asset. Yip Yuen Sai bought the property for HK$450 million in 2019, according to the...

Economics

2 w. ago Chinese man dons placard declaring he owns 2 buildings to attract partner

A man in southern China who went to a boat racing event and tried to attract a girlfriend by displaying a placard saying that he owned two buildings has trended on mainland social media. The online post has prompted more than 1,000 people to get in touch with the man. As people gathered to watch an event in Guangzhou, Guangdong province on May 31 to celebrate the Dragon Boat Festival, the man with the message around his neck drew much attention, Jimu News reported. “Unmarried. Haizhu. Two...

Politics