Wing Tai unveils Hong Kong CDB mixed-use development joint venture with CSI Properties
Named Central Crossing, the 433,000-square feet (sq ft) development will be situated at the city's cultural and lifestyle hub and connected to its key business and financial institutions, said Wing Tai said on Tuesday (Jul 22).
As a Grade A office development built on a heritage site, it aims to embrace the local heritage and historical features of the area that date back to 1880, while providing a new addition to the city's urban landscape, said the property developer.
Located at 118 Wellington Street in the Central district of Hong Kong, it will integrate Grade A offices, a bespoke lifestyle hub, green open spaces and heritage preservation features.
The project will feature a dual tower structure, comprising a 28-storey office tower with some 10,600 sq ft of gross floor area and a luxury international hotel tower. Both towers will be positioned to align with the city's historic urban grid.
Commercial spaces will be located at the bases of the towers alongside a four-storey water wall that defines the main entrance of the hotel, Wing Tai said.
A NEWSLETTER FOR YOU
Tuesday, 12 pm Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
Sign Up
Sign Up
The development will be linked to transport hubs through a central walkway system and situated close to restaurants, bars and historic attractions such as Tai Kwun, PMQ and Central Market.
It will also feature new pedestrian routes that allow people to cross the site at multiple levels and access the surrounding streets.
Designed by architecture firm Foster + Partners, Central Crossing is a project under Hong Kong's Urban Renewal Authority.
Wing Tai and CSI Properties won the contract to develop the site from the authority in late 2017.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
a day ago
- Business Times
The rise and fall of New Silk Road, one of the longest-running hedge funds in Singapore
[SINGAPORE] Investment management firm New Silk Road announced earlier in July that it will be closing its doors after a 16-year run in Asia. Based in Singapore, it is one of the longest-running hedge funds in the city-state. It is the investment manager of the Asia Landmark Fund, which has onshore and offshore investment structures for US and international investors through a Cayman LP and Cayman offshore feeder fund. So what caused New Silk Road to shutter, and who are its founders? The Business Times explains, and also takes a look at what hedge funds are, and this industry in Singapore. The origins of New Silk Road, and who are its founders? Founded in 2009, the company was started by Raymond Goh, the former head of Asian equities at GIC, and Hoong Yik Luen, the former head of Hong Kong-China equity products at Deutsche Bank. New Silk Road in its early stages was considered a pioneer in the finance scene of Singapore. For context, the Republic's hedge fund market managed S$59 billion pre-2010s, which has since grown to S$327 billion as at December 2024, based on data from the Monetary Authority of Singapore (MAS). Goh and Hoong's hedge fund is known to be one of the earliest in Singapore to invest long-short equities across Asia. Its strength was being among the early foreign investors in China, via an on‑the‑ground Shanghai team. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Notably, the company received Qualified Foreign Institutional Investor access in 2012 to invest in Chinese yuan-denominated mainland Chinese stocks and bonds. At the time, fewer than 200 firms received such licences from the China Securities Regulatory Commission. This move attracted a large pool of US institutional investors seeking Asia-centric exposure for their portfolios, drawn to New Silk Road's Asia Landmark Fund and China Fund, New Silk Road's growth trajectory saw an incline since its beginnings, having reached nearly US$2 billion in assets under management in 2021. Goh and Hoong are among the first pioneers in setting up an Asia focused hedge fund. Goh was previously with GIC for 18 years, according to his LinkedIn profile. Hoong graduated from the National University of Singapore (NUS) with an electrical engineering degree in 1990. Following that, he was in a few roles involving public and private market equity research and investment with various global firms, according to the NUS website. After his last role as the head of Hong Kong-China equity products at Deutsche Bank in 2008, he co-founded New Silk Road Investment with Goh. Both are crossing 60 years old, Hoong told Bloomberg. China investment slump Hoong told Bloomberg that the main reason for the shuttering of the fund is that they are opting for a slower pace. However, the fund's struggles also came during a time when China markets went into a slump, with China's widespread regulatory crackdown across sectors such as technology and real estate, and investors flocking to US markets. In 2022, China's benchmark CSI 300 Index tumbled by 22 per cent, with the decline extending into 2023. This affected various China investors and caused many funds to close. The China bear market persisted for a couple of years, but has since rebounded this year. Both the Asia Landmark Fund and the China Fund recorded negative returns for three of the past five years, with slumps of 28 per cent and 19 per cent, respectively, in 2022, according to Bloomberg, citing sources. These effects were clearly felt by New Silk Road, where it scaled back on staff levels in Shanghai, and closed a recently launched South-east Asia fund, said Hoong. The number of staff affected remained undisclosed. The closure of Hoong and Goh's hedge fund was announced on Jul 22, where all remaining capital will be returned to investors and the vehicles will be shuttered, amid a high level of investor redemptions and weak returns. Experts BT spoke to suggested that once a certain level of investor redemptions is hit, it is difficult for hedge funds to build back their capital. New Silk Road is not the only one to have gone through a rocky decline in Asia in the recent few years, though for a mix of other reasons. Another Singapore hedge fund Asia Genesis, for example, in January 2024 faced a significant level of drawdowns, in the light of its long positions in Hong Kong and China collapsing due to China's market rout, and short bets on the Nikkei crushed as Japan stocks surged to a 34-year high that month. The Asia Genesis Macro fund saw drawdowns of 18.8 per cent within the first weeks of January 2024 following its long-short play went wrong. The fund closed all its positions by Jan 18, 2024, and returned money after its losses to investors. What is a hedge fund, and what are some top hedge funds in Singapore? Within Asia-Pacific, Singapore continues to be an attractive centre for alternative and hedge fund managers to set up their regional investment teams, said MAS last year. The regulator noted that more global hedge fund managers are setting up offices here, with more than 250 of such managers as at the end of 2023. Some top hedge fund managers in Singapore include Quantedge Capital and Dymon Asia Capital. Dymon Asia manages over US$3.5 billion, while Quantedge manages more than US$4 billion. Dymon says its fund posted an 8 per cent return through May this year, topping other funds at global peers. Last year, it was up 17 per cent. Another long-running Singapore hedge fund manager is APS Capital Management, with its founder Wong Kok Hoi also considered an early pioneer in the scene. He was previously with GIC and MAS. Hedge funds are private funds actively managed by portfolio managers, and typically are considered higher-risk and requires a higher investment to start. There are many types of hedge funds, with various strategies ranging from long-short, global macro and multi-strategy. They can invest in a variety of assets, including stocks, fixed income, real estate, currencies and futures. The Singapore hedge fund market totalled S$327 billion as at December, according to data from MAS.

Straits Times
a day ago
- Straits Times
Advanced Systems Automations ex-CEO claims unauthorised transfers were for his unpaid salaries
Find out what's new on ST website and app. The company's Catalist-listed shares tumbled 12.5 per cent, or 0.1 cent, to 0.7 cent as at 9.51am on July 25, after the announcement. SINGAPORE - Advanced Systems Automations (ASA) on July 24 said that its former chief executive Seah Chong Hoe claimed that the three cheques he issued to himself from the company's bank account were for unpaid salaries he was owed. However, the board has not found records in the company's books documenting that the three cheques Mr Seah issued were to discharge outstanding salaries owed to himself, ASA said. This was in response to queries from the Singapore Exchange about unauthorised fund transfers and a police report the group lodged against Mr Seah and its former director, Mohd Sopiyan Mohd Rashdi, for 'potential offences'. The two had bypassed the board in making themselves bank signatories of the company's Maybank bank account and Mr Seah had made unauthorised transfers of company funds, the group said previously. ASA said that it is currently reviewing the matter to determine if Mr Seah's claims are genuine and that it is taking legal advice. It added that the funds transfers do not have material impact on its financial position as the amounts have already been recorded as liabilities in its balance sheet. With effect from July 21, Mr Seah resigned as director of three of the group's Malaysian subsidiaries: Emerald Precision Engineering, Yumei Technologies and Yumei Real Estate Investment Trust. He also resigned as managing director of Yumei Technologies. Top stories Swipe. Select. Stay informed. Business GIC posts 3.8% annualised return over 20 years despite economic uncertainties Business GIC's focus on long-term value aims to avoid permanent loss amid intensifying economic changes Opinion No idle punt: Why Singapore called out cyber saboteur UNC3886 by name Asia Cambodia and Thailand are willing to consider ceasefire: Malaysian PM Anwar Asia Deadly Thai-Cambodian dispute puts Asean's relevance on the line Business MAS' measures spark cautious optimism for Singapore stock market revival: Analysts World Trump and Fed chief Powell bicker during tense central bank visit Life Hulk Hogan, who helped turn pro wrestling into a billion-dollar spectacle, dies at 71


CNA
a day ago
- CNA
Hong Kong-based digital asset platform OSL Group completes $300 million equity financing
HONG KONG/SHANGHAI :Hong Kong-based digital asset platform OSL Group said on Friday it had completed $300 million of equity financing, the latest sign of feverish investor interest in cryptocurrencies. The deal, which the company said was the biggest publicly disclosed equity raise in Asia's digital asset space, comes days before Hong Kong's stablecoin bill takes effect on August 1, and could add fuel to a rally in shares related to virtual assets. OSL shares have surged 120 per cent so far this year. Hong Kong's de facto central bank on Wednesday cautioned against growing frothiness of the market around stablecoins, saying the hype had led to "excessive exuberance". Proceeds from the share sale would be used to support global initiatives including stablecoin development, licensing efforts, and the build-out of a digital payment network, OSL said in a statement. "The funding will accelerate our global build-out - particularly in regulated stablecoin infrastructure and compliant payment rails," said Ivan Wong, chief financial officer of OSL Group. In a statement to the Hong Kong bourse, OSL said the share placing price is HK$14.90 per share, representing a 15.3 per cent discount to its closing price on Thursday, and a 16.2 per cent discount to the average closing price in the last five trading days. Shares of OSL opened down more than 10 per cent in Hong Kong on Friday, as the market reacted to the dilution impact and the discounted placing price. Since transforming last year into a company fully dedicated to digital assets, OSL has secured an exchange licence in Australia and completed acquisitions in Japan and Europe. OSL has also said it would step up investment in the so-called Real-World-Assets business, converting traditional assets into digital tokens.