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.
 
 
 
 

 
 

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