Consortium targets Yau Tong Bay plot

Top News | 23 Oct 2018

A consortium of Hong Kong property firms led by Henderson Land is in talks with banks to raise about HK$46 billion via bonds and loans to fund a residential project in Yau Tong Bay, according to people familiar with the matter.

The group also includes New World Development, Wheelock, Sun Hung Kai Properties, Hang Lung and Central Development.

Funding is expected to be available in June, said the people, who are not authorized to speak publicly, and no final decisions regarding a deal have been made.

If developed, the Yau Tong site would be the largest mixed-use project in Hong Kong in 21 years, according to Thomas Lam, an executive director at Knight Frank.

The Buildings Department has granted a permit to construct 30 residential towers and the project, at the southeastern end of Kowloon, is expected to provide about 6,200 apartments in its initial phases.

Representatives at Henderson Land, Hang Lung and Wheelock did not immediately respond to requests for comment. Officials at New World Development and Sun Hung Kai also did not respond to a text message seeking comment. A person at Central Development said nobody was immediately available.

Henderson Land has a 22.8 percent interest in the project, according to an interim report in September. The development's layout plan was approved in 2015, and is still pending finalization of a land premium with the government, according to the document.

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