Meitu co-founder snaps up second Hong Kong commercial property in 3 months at discount
Cai paid HK$750 million (US$95.5 million) for a site measuring 5,388 sq ft (500 square metres) at 20-28 Cannon Street, formerly known as Sun On Mansion. The transaction for the commercial site, located between Jaffe Road and Gloucester Road, was completed earlier this month, according to the Land Registry.
The property was sold by the local developer Winland Group, which spent around HK$1.45 billion to consolidate ownership of the site through private purchases and a compulsory sale process that was completed in 2021. That implied that Cai had bought the site with a 48 per cent discount from the last compulsory valuation.
Construction of a 26-storey office tower by Winland had already been under way before the site was sold to Cai. Based on an estimated permissible gross floor area of 81,300 sq ft, the purchase price worked out to around HK$9,215 per square foot.
Mike Cai Wensheng, the chairman and founder of Meitu, on 6 February 2017. Photo: David Wong
The building will most likely be used for 'entrepreneurship and technology development,' Cai said, adding that plans are 'not fully confirmed yet'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
4 hours ago
- South China Morning Post
New head of scandal-hit Shaolin Temple avoids commercial activities, does manual work himself
The successor to the disgraced abbot of the internationally famous Shaolin Temple has shunned the lifestyle that got his predecessor into trouble. Advertisement Two days after Shi Yongxin, the former head of Shaolin Temple in central China's Henan province for more than two decades, was placed under investigation for financial and sex scandals, the temple announced that Shi Yinle, the abbot of The White Horse Temple, would replace him. Both holy places are located in Henan and are regarded as among the most significant Buddhist monasteries in China. Shi Yinle has been photographed driving a bulldozer as a mark of his commitment to honest work. Photo: Baidu The White Horse Temple is the first Buddhist temple in China and was established about 2,000 years ago. Shi Yinle, 59, has served as its abbot for 20 years. But, unlike his high-profile counterpart at the Shaolin Temple, Shi Yinle rarely appears in public, the Xinmin Weekly reported. Dubbed the 'CEO monk', Shi Yongxin transformed the Shaolin Temple into a multibillion-dollar cash cow. Advertisement Not only did all the items inside the temple, like bottled water and incense, come at a price, but monks frequently took part in commercial kung fu performances around the world.
South China Morning Post
4 hours ago
- South China Morning Post
Working in Hong Kong, living in Shenzhen: why people are making move to mainland city
At 8.30am on Monday, 24-year-old Lisa Sun leaves her flat in Shenzhen and begins her long commute to work. It starts with an e-bike ride through her neighbourhood, followed by a packed Metro journey, a border crossing intermission, and a similarly packed MTR trip. Ninety minutes later, she steps out into the bustle of Causeway Bay in Hong Kong – ready to start her day at the office. She repeats the same journey in reverse after work, finally getting home close to 9pm. Sun, born in the southwestern province of Sichuan, is one of a growing number of people commuting between Shenzhen and Hong Kong, trading time on the cities' subway systems for more space and lower costs. There has been a flood of posts on China's RedNote social media platform from cross-border commuters – and those considering the move – sharing tips on the best Shenzhen neighbourhoods to find a place to rent, and which checkpoints and transport options to choose. 'I decided to commute between Shenzhen and Hong Kong the day I got the job, because I wanted to live alone, but renting a flat in Hong Kong on my own would be way too expensive,' Sun said.
South China Morning Post
7 hours ago
- South China Morning Post
Hong Kong earns HK$189 million from revived hotel tax in first quarter
Hong Kong only received HK$189 million (US$24.1 million) in the first quarter under a reintroduced hotel accommodation tax, authorities have revealed, prompting some tourism industry leaders to raise concerns about whether the government can meet its HK$1.1 billion annual income target. Advertisement Sector veterans also called for more government support measures, telling the Post that the tax figures reflected that hotels were struggling and had been forced to reduce their prices to attract tourists. The 3 per cent tax, which applies to all patrons, was reintroduced on January 1. The government announced the policy's return last year and said the measure was expected to bring in HK$1.1 billion each year. The tax was previously waived in 2008. But in a reply to the Post in June, the Inland Revenue Department said the government had garnered HK$189 million under the tax in the first quarter of this year, while payments for the second quarter were not yet due at the time of its reply. Advertisement 'We aim to meet the government's tax target, but we are concerned we might not be able to meet the target,' said Caspar Tsui Ying-wai, executive director of the Federation of Hong Kong Hotel Owners.
