〈The Standard, Feb 22, 2025〉China Vanke Co. received another round of financial support from authorities, with its largest state shareholder planning to offer up to 4.2 billion yuan (HK$4.5 billion) to help the distressed developer repay outstanding debt.
Shenzhen Metro Group, which holds a 27 percent stake in Vanke, plans to provide a three-year term loan facility to be guaranteed by up to 6 billion yuan-worth assets, according to a Friday filing to the Shenzhen Stock Exchange. The proposed financing followed a 2.8 billion yuan loan offer last week also from the state-backed metro operator, highlighting the government’s support for the struggling developer.
〈Hong Kong Business, Feb 21, 2025〉CBRE has announced the sale of commercial building at No. 30 Kwai Wing Road, Kwai Chung, through a private offer.
The 9-storey building spans a total gross area of 209,160 sq ft on a site measuring approximately 27,470 sq ft.
The property includes a 200-seat auditorium on the ground floor, currently leased to a popular local theater group. It also offers 33 private car parking spaces and eight truck parking spaces.
The building has undergone a $300m renovation, which includes wall and window replacements, the reinstallation of air conditioning, fire, power supply, and water supply and drainage systems, as well as the installation of new elevators and escalators.
〈Asian Post, Feb 20, 2025〉The Lands Department has awarded a 50-year land grant for Tung Chung Town Lot No. 55 to Land Castle, a subsidiary of Sun Hung Kai Properties, for $602m.
The site is located in Area 106B and spans approximately 10,648 square meters. It has been granted under a 50-year land lease for private residential development.
According to the department, the site has a minimum gross floor area of 22,361 square meters and a maximum of 37,268 square meters.
〈Hong Kong Business, Feb 19, 2025〉The government has appointed new non-official members to the Advisory Committee on the Northern Metropolis (ACNM) and its four sub-committees for a two-year term starting 10 February.
The newly appointed ACNM members include Cheng Jie, Lee Shing-put, Sunny Lee, Timothy Ma, and Simon Ng, who will also serve on their respective sub-committees.
Additionally, Professor Karl Tsim has been appointed as a co-opted member of the Sub-committee on Development of Industries.
〈RTHK News, Feb 18, 2025〉A long-standing construction firm, Paul Y. Engineering Group, on Friday had its provisional liquidation application approved by the court.
The High Court has now appointed a provisional liquidator for Paul Y's five subsidiaries to handle debts and formulate a restructuring plan.
The government said while the 78-year-old company is undertaking a number of public works projects, the impact of the formerly-listed firm's situation should be manageable.
In a statement, the government said the company is currently working on 13 public works projects -- all but one of them were undertaken by way of joint venture with other construction companies.
