At the end of 2012, the Group acquired Maximall, the shopping mall located in the Basement of City
Garden, North Point. By 2013, the Group renovated, upgraded and sub-divided the shopping mall into
339 units and has offered these units to the public for sale. Despite a cold property market
affected by the tough tightening measures introduced by the Hong Kong Government in early 2013,
the response to the project was excellent. The Group has sold all of the offered units at
an aggregate selling price of approximately HK$682,000,000. The Group has retained unsold shop units
with a total gross floor area of approximately 4,020 square feet. These remaining shop units are
designated for food and beverage, and have been rented out to a restaurant operator.
Following this success in 2013, we acquired new additions to our portfolio of properties held for
sale, including two floors of retail property located in a 29-storey commercial building on
Russell Street, Causeway Bay and five street-level shops with all car parking spaces on the
ground floor of a retail property located at Kennedy Town. Considering the great location and
quality of these properties, the Group believes that they will generate satisfactory return
in the future.
The Group also has significant investments in Hong Kong properties, including five luxury
residential properties on Repulse Bay Road and Tai Tam Road, retail shops in Gramercy on Caine Road,
the Mid-levels, and the office properties and car parking spaces in Fortis Tower, Wan Chai and
CCT Telecom Building, Shatin. Over the years, the value of all these properties has significantly
appreciated and the Group believes that these property investments and holding will generate
satisfactory gains in the future.
For operational reasons, the Group has acquired several properties and car parking spaces in the
Ming Pao Industrial Centre and Paramount Building in Chai Wan for the automotive group’s businesses.