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Hang Lung says property deal with U S consulate to proceed after China s approval
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/ Posted on 25 January, 2021 11:37
Tour agents in Hong Kong have cast a shadow of doubt over the financial viability of the government’s multi-million-dollar plan to transform the cash-strapped Ocean Park into an entry-free, adventure-themed resort destination within the next two to three years.
The fate of the city’s iconic theme park was decided after the government and Ocean Park Corporation completed a rethink exercise to chart the way forward for the park.
The government has committed US$36.1 million into remaking Ocean Park into a resort destination focusing on education and conservation
Under the plan, a new non-ticketed retail, dining, and entertainment (RDE) zone is to be created at the lower park area, which will be managed by a private developer under a long-term concession agreement. The RDE zone will house public spaces to host open-air markets and events, a children’s playground and water play area. Conservation and education-related facilities and attractions
China stymies sale of US consulate staff compound in Hong Kong
businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
China Stymies Sale of U.S. Consulate Staff Site in Hong Kong Bloomberg 12/30/2020 Peter Vercoe © Bloomberg Residential buildings stand in the Shouson Hill, center, and Deep Water Bay, right, areas of Hong Kong, China, on Monday, Jan. 15, 2018. For the eighth year in a row, Hong Kong holds the dubious distinction of being the world s least affordable city in which to buy a home.
(Bloomberg) China has halted the sale of the U.S. consulate staff compound in Hong Kong, citing Washington’s failure to secure approval from Beijing for the $332 million deal.
Hang Lung Properties Ltd., which in September agreed to pay HK$2.57 billion ($332 million) for the site, said Wednesday it was unable to complete the purchase. Hong Kong’s Land Registry has informed the developer the sale involves foreign affairs between China and the U.S. and can’t be regarded as an ordinary commercial transaction, Hang Lung said in a stock exchange filing.
Chinese Government Stops U.S. Consulate Property Deal in Hong Kong The U.S. consulate in Hong Kong was blocked from completing a September deal to sell its residential quarters to Hang Lung Properties. Stocks quotes in this article: HNLGF
China has torpedoed the sale of U.S. consulate property in Hong Kong, citing political differences for terminating the commercial transaction of a site in one of the city s most-prestigious neighborhoods.
Hang Lung Properties (HNLGF) , a Hong Kong-headquartered developer that s very active in China, said on Wednesday that it has been unable to complete its prospective purchase. In a surprise move, Hang Lung agreed in September to pay HK$2.57 billion (US$327 million) for the residential complex in Shouson Hill, where many of the city s political movers and shakers live.
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