New World’s Henry Cheng is not retiring anytime soon
Leading today’s Hong Kong real estate news, the chairman of property giant New World Development has shrugged off rumours of his imminent retirement, after the 71-year-old tycoon was said to have suffered a stroke. Also in the headlines, the city’s flat frenzy rages on, with new residential projects oversubscribed this week in the face of rising mortgage costs. And in the seemingly unending Lo family saga, the matriarch of the feuding Great Eagle property clan is expressing dismay over her selfish progeny. All these stories and more await you, if you just keep reading.
New World’s Henry Cheng Dimisses Retirement Rumors
Henry Cheng Kar-shun reassured the public on Thursday that he was still setting the strategy and overall direction at Chow Tai Fook Jewellery. In his first appearance in a year, Cheng, who is the chairman of the jeweller as well as Hong Kong developer New World Development, shrugged off speculation he would retire soon.
“Teamwork is important. The daily operation of the company will mostly be handled by the team,” he said during the announcement of the company’s results. Cheng is rumoured to have suffered from an illness, said to be a stroke, last year. When asked about his son Adrian Cheng Chi-kong’s progress at the company, Cheng said he was in good health and had no intention of retiring soon, so it was too early to comment on any succession plans. Read more>>
New Projects Oversubscribed Despite Rising Mortgage Costs
New residential projects were oversubscribed this week, despite the rising one-month Hong Kong interbank rate, which is linked to mortgage borrowing costs.
The one-month rate rose for the eighth day to 1.3 percent, according to the Hong Kong Association of Banks. Interest rates on HIBOR-based mortgage loans are usually one-month HIBOR plus 1.3 to 1.4 percentage points, but capped at 2.25 percent by most of the banks. Read more>>
Government Launches Online Survey on Land Supply
If you want to tell the government your opinion on Hong Kong’s land supply issues, a new online questionnaire will let you do so from the comfort of your own home.
Six weeks into the public consultation on the subject, a government-appointed task force has launched an online survey to ask Hongkongers how the city can get at least 1,200 hectares of land for housing and economic needs in the next 30 years. Read more>>
Did HSBC Give Birth to Lo Children?
Hearings continued in the High Court for a ninth day today in the case filed by Lo To Lee-kwan, the matriarch of local property giant Great Eagle Holdings, to dismiss HSBC as trustee of the family trust. The 98-year-old told the court that in April 2016, she went to a law firm to sign a letter, requesting the trustee to increase the trust’s stake in Great Eagle.
Lo To said the children who helped her include the first son Anthony Lo Hong-sui, second son Lo Yuk-sui, youngest son Lo Kai-shui, and two daughters. “Mama can see, if they don’t help [me], who will they help? Unlike the two… three bad sons, they helped HSBC. Did HSBC give birth to them?” she said. Read more>>
France’s Devialet Opens Flagship Store in Pacific Place
Devialet, the French innovator in breakthrough sound technology, has officially opened its new Hong Kong flagship in Pacific Place located at Shop 134 on Level 1.
Following a successful soft launch period and extensive three-phase remodel and renovation, Devialet Hong Kong customers can now fully experience the best sound in the world at new Immersive Rooms located within the 732 sq foot flagship in this iconic Hong Kong retail destination. Read more>>
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