Friday, April 25, 2014   




HSBC juggles $20.5b properties

Tuesday, December 24, 2013

HSBC Holdings (0005) internally transferred 10 residential and commercial properties worth a total of more than HK$20.5 billion to its Hong Kong arm.

The London-based bank last month sold properties, including its two HSBC Building in Mong Kok and Tsim Sha Tsui, through its subsidiary to its local arm The Hongkong and Shanghai Banking Corporation Ltd, Land Registry data showed yesterday.

Its 17-story commercial building at 673 Nathan Road was sold for HK$3.16 billion, while the building at 82-84 Nathan Road changed hands for HK$1.9 billion.

Several luxury residential properties, mainly located on the Peak - including the 8,822-square-foot house at 19 Middle Gap Road where HSBC's general manager Peter Wong Tung-shun currently lives - were also part of the deal. Wong's residence fetched HK$561 million.

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Also, a house at 4-6 Pollock's Path - the world's most expensive neighborhood - was sold for HK$1.3 billion, or up to HK$111,769 per square foot. A number of sites on Plantation Road were sold for HK$11.38 billion.

Also yesterday, Miramar Group (0071) said it had sold rental properties in San Po Kong and To Kwa Wan comprising 6,290 square feet to a unit of associate firm Henderson Land Development (0012) through a share transfer worth HK$90.4 million and a HK$1.8 million loan. KAREN CHIU


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