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Henderson Land's Sale of Kowloon Property to Miramar Group Falls Through
HENDERSON LAND (00012.HK) cancels the sale of Champagne Tower and plans to redevelop it into a new hotel.
On March 31, Gelonghui reported that HENDERSON LAND (00012.HK) announced that the resolution to approve the sale of the property located at 16 Kin Pak Road, Kowloon, Hong Kong, and the new hotel to be built on that site to the Mira Group was not passed due to 46.19% in favor and 53.81% against. Accordingly, since the prerequisite conditions for completing the Trade were not met, the Trade will not proceed and will be rendered void. This outcome will not have any significant impact on the Group's operations. The Group will continue to dismantle the existing buildings on the property according to the established plan.
HENDERSON LAND (00012) will explore further new opportunities for the new hotel with the Miramar Group.
HENDERSON LAND (00012) announced that at the Shareholder special meeting, a motion was proposed to approve the sale of the group’s property located in Kowloon, Hong Kong...
Express News | Henderson Land Development Co Ltd - Transaction Will Not Proceed Due to Unfulfilled Conditions
Express News | Henderson Land Development Co Ltd - Sale of Kowloon Property to Miramar Not Approved
Hong Kong's Rating and Valuation Department: In February, the private residential price Index declined by 0.9% month-on-month, falling for three consecutive months, reaching the lowest point in over eight years.
In addition, the rental price increase for private Residences in Hong Kong has slowed down. In February, the rental Index for private Residence units reached 193.5, up 0.3% month-on-month, rising for three consecutive months; up 4.93% year-on-year.
