appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Summer Zhen

A subsidiary of HNA Group, Hong Kong International Construction Investment Management Group (HKCIM), has injected HK$728 million (US$93.24 million) into a land parcel owned by its parent at Kai Tak, the site of Hong Kong’s former airport.
HNA splashed out a total HK$27.2 billion (US$3.48 billion) on four residential land parcels at Kai Tak through different subsidiaries nearly a year ago, to grab a major stake in what is one of Hong Kong’s highest-profile new development projects, the most expensive of which was plot number 6565.
Hong Kong Island Construction Properties Company (HIC), owned by Hisea International, another subsidiary of HNA, paid a record HK$8.8 billion to out bid 19 other contenders last November for 6565.
HKICIM on Friday night said it had partnered with Hisea International to form an investment fund worth HK$6.03 billion to develop the Kai Tak 6565 site.
HKICIM accounts for 12.07 per cent of the fund or the HK$728 million, while Hisea holds the remaining 87.93 per cent.
We are confident about the future development of the Hong Kong property market and in particular the positive outlook of East Kowloon
Liu Junchun, vice-chairman of HNA subsidiary, Hong Kong International Construction Investment Management
The latest capital injection comes amid media reports suggesting at least four banks have stopped extending fresh funding to HNA’s construction activities, a sequel to heightened government scrutiny of its asset buying too.
But Liu Junchun, HKICIM’s vice-chairman, told reporters on Friday all four of HNA’s residential projects at the Kai Tak site are progressing smoothly and they continue “working with banks as we have in the past”.
“We are confident about the future development of the Hong Kong property market and in particular the positive outlook of East Kowloon,” he added.
The four residential sites bought by HNA are expected to have ground break ceremonies together next Monday with the launch of pre-sales expected in the third quarter of 2019.
HKICIM, as the limited partner as well as general partner of the fund, expects to pocket 1 per cent of the aggregate capital commitments or no more than HK$63 million annually as a management fee, and enjoy investment proceeds from capital increment from the 6565 site.


High office vacancy rates spur bid to rezone Kowloon East site for residential development

Hong Kong rises in property market transparency rankings, but trails Singapore and Japan

Amazon and Shorea Capital deals underscore foreign interest in commercial property

Despite higher costs, Hong Kong’s student residences attract mainland Chinese renters

Hong Kong property

HNA’s Kai Tak project receives US$93m capital injection from subsidiary

A general view of the Kai Tak site. Photo: Bruce Yan

Hong Kong property experts ‘shocked’ at record sale result for Kai Tak area site

Residential site near the city’s former international airport was tendered Wednesday for HK$8.84 billion, more than double analysts’ expectations

View of Kai Tak Area 1k site 3 taken from Muk Ning Street in Kai Tak. 16SEP16 SCMP / Jonathan Wong

Property agents say mainland conglomerate HNA Group may be the record price bidder for the Kai Tak Area site. Photo: David Wong

HNA Group says it has ‘sufficient capital’ to finance Kai Tak residential projects

HNA sees no problem getting loans to finance its Kai Tak property project, says top executive

A general view of the Kai Tak residential site, bought by two different HNA Group companies. Photo: Bruce Yan

Business

Property

Hong Kong & China

HNA splashed out a total US$3.48bn on four residential land parcels at Kai Tak through different subsidiaries


HNA’s Kai Tak project receives US$93m capital injection from subsidiary

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}HNA splashed out a total US$3.48bn on four residential land parcels at Kai Tak through different subsidiaries

HNA splashed out a total US$3.48bn on four residential land parcels at Kai Tak through different subsidiaries