Wednesday, November 25, 2015   

Most Apex buyers ink deals

Wednesday, February 27, 2013

Most buyers of rooms at Apex Horizon Hotel completed their transactions before yesterday's deadline, while the government renewed its pledge to crack down on any wrongdoing at the controversial project.

The government again warned buyers not to convert any units for residential use. Apex developer Cheung Kong Holdings (0001) said as of 5pm yesterday, 95 percent of purchasers - involving 360 rooms - had signed formal sales contracts, or arranged to sign.

The vendor said only "a small number of buyers" had requested a delay, citing various reasons. The firm will handle the requests on a case-by-case basis. Agents said several buyers had decided to terminate their purchase plans and forfeit the HK$200,000 deposit due to risks over owning such assets.


Meanwhile, legislators accused senior government officials yesterday of negligence in relation to the hotel project, saying the scheme was akin to the Lehman Brothers mini-bonds fiasco.

Asked why the government did not start scrutinizing the project when the first transaction took place in December, Director of Lands Bernadette Linn Hon- ho said it reminded the developer then the property had to remain a hotel.

Secretary for Development Paul Chan Mo-po said no complaints have been filed about misleading selling. Linn admitted there is no clear boundary between hotel and residence, but the government will make reference to common law and practices. VICTOR CHEUNG

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