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Home / Reports / LVGEM (China) Acquired a Seaview Grade-A Commercial Building in Hong Kong for HK$9 billion Actively Strengthens the Greater Bay Area Layout——Shenzhen Economic Daily
LVGEM (China) Acquired a Seaview Grade-A Commercial Building in Hong Kong for HK$9 billion Actively Strengthens the Greater Bay Area Layout——Shenzhen Economic Daily Author: CHINA LVGEM

Dual-core layout, two-way expansion and two-wheel-driven development strategy

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Recently, Ms. Huang Jingshu, Chairman of LVGEM (CHINA) and Mr. Tang Shouchun, Executive Director and Chief Executive Officer of LVGEM (CHINA) has received an exclusive media interview with Shenzhen Economic Daily, regarding to the Company’s successful acquisition of a full seaview grade-A commercial building in Hong Kong for HK$9 billion.

The 8 Bay East, the full seaview grade-A building LVGEM (China) has acquired, is located at 123 Hoi Bun road, Kowloon East in Hong Kong. It is hold by the Wharf Group and is being sold by Wheelock Properties as its sole agent. It is a 19-storey building, totals approximately 600,000 square feet. The project is expected to be complete by the mid of 2019.

With regard to the reason for acquisition in Hong Kong, Mr. Tang Shouchun said, “There are 5 aspects, firstly, from the business point of view, the project has favorable location, and there will be a huge space for appreciation. Secondly, the consideration of HK$9 billion is relatively low in the same district, which lay a good foundation for the future profitability. Thirdly, Wheelock Properties is a well-known real estate developers in Hong Kong and known for good brand quality. Regardless of the delivery deadline or the terms and conditions, they are trustworthy. Fourthly, the acquisition is consistent with the Company’s strategy of the focus on its business layout in the Guangdong-Hong Kong-Macao Greater Bay Area. Fifthly, the acquired project is a commercial property project, LVGEM (China) already has mature operating experience in the commercial property field. ‘’

LVGEM (China) has developed and operated a large number of high-quality residential and commercial development projects in the Greater Bay Area and achieved remarkable social, economic and environmental benefits. ” The Group focuses on the creation of its own business characteristics and adheres to the dual-core layout, two-way expansion and two-wheel-driven development strategy in operation, building its unique and competitive ability in the market.”

Mr. Ye Xingan, Executive Director of LVGEM (China), commented, “As the development of Kowloon East is becoming more matured, we envisage that many PRC corporations, multi-national companies will be attracted to this area. Given that it has favorable location and will offer steady rental income and long-term capital gains to LVGEM (China), the project has great investment value. ”

“The transactions represents a strategic step for LVGEM (China) to create a meaningful presence in the Hong Kong property market and will strengthen its leading position within the real estate sector and commercial development industry as well as its market position and brand influence in the Greater Bay Area.” Ms. Huang Jing Shu, said, “As the Greater Bay Area will become part of the national strategy plan in China, LVGEM (China) will embrace this opportunity to create more value and contribution to the investors and the society with its development and operation of several core projects located in Greater Bay Area.”

Link: Published on A09, Shenzhen Economic Daily, 19 January 2018

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