Upbest buys Tsuen Wan property for $180m

Upbest (0335) will acquire a firm that owns properties including a shopping arcade and car-parking spaces in Bayview Garden in Tsuen Wan for HK$180 million.

The sellers are Raymond Tang Yiu-man and Stan Tang Yiu-sing, who are joint administrators of the estate of the late property tycoon Tang Shing-Bor.

The target company Vanko Enterprises owns properties that are currently either idle or let to tenants at an aggregate monthly rent of about HK$130,000, Upbest said.

The market value of the properties based on a preliminary valuation was around HK$200 million while the net liability of the Vanko as of last year was HK$65 million after taking into account the sale debt.

Given the current market and the attractive consideration, Upbest said it considers that the acquisition was a good opportunity for the group to acquire properties with rental income and capital gain potential.

Staff reporter