SHKP chief seeks easier access to Bay homes

Business | Kevin Xu 28 May 2020

Raymond Kwok Ping-luen, chairman and managing director of Sun Hung Kai Properties (0016), has proposed easing the restrictions on Hong Kong and Macau residents to buy homes in the nine bordering cities in the Greater Bay Area.

He made the proposal to the third session of the 13th National Committee of the Chinese People's Political Consultative Conference, the country's top political advisory body.

Kwok, also a CPPCC National Committee member, said it is difficult for Hong Kong residents to remit money to the mainland and that mortgage policies in the mainland have a higher threshold than in Hong Kong.

He suggests a panel be established to coordinate home purchasing policies of different cities in the Greater Bay Area.

Beijing unveiled a series of policies in November last year to make it easier for Hong Kong people to live in the Greater Bay Area, including equal rights to buy properties in the nine Guangdong cities in the region.

Kwok also suggests eligible Hong Kong homebuyers be exempted from the remittance cap of 80,000 yuan (HK$86,562) per day to purchase houses in the Greater Bay Area.

SHKP expects to complete residential projects Phase 2B of Park Royale in Guangzhou and Phase 5A of The Woodland in Zhongshan in the first half, it said in its interim report.

Meanwhile, Tai Cheung (0088) outbid 18 developers including SHKP to win the tender for a residential plot on Praya Road in Ap Lei Chau for HK$1.33 billion, or HK$15,097 per buildable sq ft, close to the upper end of market valuation.

Market surveyors had valued the residential site at HK$720 million to HK$1.6 billion.

The other bidders included Wheelock Properties, Hang Lung Properties (0101), New World Development (0017) and Sino Land (0083).

The plot attracted many small and medium developers who intend to increase their land banks as the investment amount is reasonable, said Alvin Lam, director at Midland Surveyors.

The site covers a total of 12,150.3 sq ft. The maximum gross floor area for private residential purposes that may be attained is 88,281.2 sq ft.

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