Project Details
Client Represented: Instructing Party:
Mr. Tang Shing Bor
Purchaser: China Resources
Location: No. 2 Ho Tin Street, Tuen Mun
Consideration: HK$2,242,508,000
Size: 5,700 SF approx. (Site)
466,449 SF approx. (GFA)
Background
The Capital Markets Team and A&T Industrial and Logistics Services team secured this transaction together. The CM team was led by Senior Director Tony Ng, whose involvement stretched back to 2012. This was when, with the help of a complex investment potential study, the CM team firstly brokered the Tang Family‘s acquisition of 71% of the building from Goodman for HK$508 million. As part of a planned strategy, in 2016 the CM Team brokered the purchase of a further 18% of the building from a subsidiary of Cathay Pacific Airways for HK$238 million. The Tang Family unified ownership of the building in 2018, sold it for HK$2.242 billion in 2021 and pocketed an impressive face profit of some HK$1.3 billion in the middle of Covid-19.
How we created advantage
Soon after the CM Team’s agency appointment, our ILS Team identified a corporate buyer actively looking to expand its footprint in Hong Kong. The ILS team shared a complex due diligence of the building and its potential, including an in-depth rental analysis and an infrastructure study. Mr. Tang Shing Bor’s very sad passing had an impact on progress but, thanks to the synergy and collaboration between the ILS and CM Teams, CBRE retained the client’s trust.
Whether a plan is long-term or tactical, commitment and trust are key. At CBRE, nine years of excellent service and planned strategy are testament to the strength of our brand, professionalism, and the quality of our work. We can be proud of all the project team accomplished.
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