Tuesday, July 14, 2020
Martin Hennecke

Swire Group pledges $12m to tackle outbreak
Swire Group has pledged HK$12 million to aid Hong Kong in tackling the Covid-19 outbreak. The company will provide HK$5 million for food assistance, HK$3 million to implement epidemic prevention and control, and over HK$4.8 million for giving away hand sanitizer, Swire Group said. Swire Properties (1972) also said it will continue its rent relief measures to support its tenants. Meanwhile, developers in both Hong Kong and the mainland are adjusting sales strategies as Shanghai Municipal Bureau of Planning and Natural Resources now allow for a delay in payment and installment payments of land premiums. Kowloon Development (0034) has launched six unsold flats at One East Coast for lease. The six flats measure between 295 square feet and 391 sq ft and offer leases of HK$14,800 to HK$19,550 per month, or between HK$46.8 to HK$52.2 per sq ft. The developer also released five unsold 375-sq-ft flats at Upper East in Hung Hom for lease at HK$19,800 per month each, or about HK$53 per sq ft. In the secondary market, a 748-sq-ft apartment at Laguna City changed hands for HK$8.9 million, or HK$11,898 per sq ft, after HK$420,000 was cut from its initial asking price. In other news, Metallurgical Corporation of China (1618) recorded the 16th case of forfeiture at L'aquatique in Tsing Lung Tau. A buyer canceled the purchase of a 429-sq-ft flat at the project which was priced at HK$6.13 million or HK$14,282 per sq ft.
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