Tang Shing-bor’s Family, Stan Group and Chinese Estates Announce Joint Venture to Re-develop 14-18 Ma Kok Street in Tsuen Wan

April 9, 2018

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Hong Kong, 9th April, 2018 – Tang Shing-bor’s family together with Stan Group (Holdings) Limited (“Stan Group”) and Chinese Estates Holdings Limited (“Chinese Estates”) (stock code: 127) today announced the formation of a joint venture project to re-develop Possehl Building, an industrial building at 14-18 Ma Kok Street, Tsuen Wan. The total gross floor area of the existing building is more than 120,000 square feet. After completion of the re-development, the total gross floor area is approximately 60% greater, at 190,000 square feet.
 
The joint venture company is 50% owned by the Tang Shing-bor’s family and 50% owned by Chinese Estates. The project is expected to be completed by 2019.
 
Commenting on the joint venture, Stan Tang, Chairman of Stan Group said: “This partnership brings together two developers with extensive experience in the property investment and development sector. Our investment in this joint venture contributes to the achievement of our immediate goal of acquiring industrial building assets in core locations. We look forward to working with the Chinese Estates team in pursuing additional opportunities in line with our mutual investment objectives in the Hong Kong property market.”
 
Andy Tai, Senior Manager – Sales & Investment of Chinese Estates, said: “We are seeing an upward trend in transactions in the industrial market – from Wong Chuk Hang in the Southern District of Hong Kong Island, to Kwun Tong in East Kowloon and Cheung Sha Wan in West Kowloon. With the opening of modern, new industrial buildings in Tsuen Wan District, prices and transaction volumes in the industrial sector have scaled to new heights. We expect the district to continue to be a hub for such development. Chinese Estates has confidence in the market, and we are delighted to have the opportunity to collaborate with Tang Shing-bor’s Family and Stan Group on this project.”