Sun Hung Kai Turns on Facial Recognition in Hong Kong

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Christopher Kwok SHK

SHK’s Christopher Kwok

Hong Kong’s real estate market is now the biggest in the world, so the Asian financial hub now gets its own round-up of real estate headlines on Monday, Wednesday and Friday right here on Mingtiandi. Read on for all the news on whether you will need to scan your face before you park your car, and to find out which developer just set a new price record for a project in the New Territories. Read on for more details about these stories and more.

Sun Hung Kai Turns to Facial Recognition in Latest Projects

Hong Kong’s largest developer will be taking a new look at its client base, as Sun Hung Kai Properties plans to install facial recognition at new projects in the city, according to a statement this week by Christopher Kwok Kai Wang, an executive director and company scion with the builder of the ICC and IFC projects in Hong Kong and Shanghai.

The futuristic future is part of a high tech initiative by the old school builder, which also announced that a number of new tenants committed to its Xujiahui Centre project in Shanghai, which is set to open in 2020. Read more>>

HKRI Chalks Up Biggest Home Sale in Tuen Mun Project

HKR International’s residential project in Tuen Mun, 2Gether, has transacted its biggest sale at more than HK$175 million ($22.4 million). The 1,817 square foot rooftop apartment includes a 948 square foot balcony.

2Gether is an apartment block comprising 222 units, ranging from 270 square foot studios to 520 square foot two-bedroom units to 760 square foot three-bedroom homes. As one of the 10 or more residential projects set to open in the New Territories region, 2Gether is expected to be completed in 2018. Read more>>

Sun Hung Kai Sells HK$130M Home in HK’s Poorest Neighbourhood

Sun Hung Kai has sold out all 130 units offered in its residential project in Hong Kong’s least developed region, Sham Shui Po, on Saturday, with the priciest unit fetching HK$130 million ($16 million). Another 119 units will be put on sale this weekend.

Located above the Nam Cheong MTR station, Cullinan West II set a record for the most expensive residential apartment ever sold in Sham Shui Po, an area where the median household income is HK$7,700 ($985). The buyer was a Hong Kong resident, according to a local newspaper, who saw the potential for the property and plans to rent out the 349 square foot unit for HK$24,000 ($3,071) per month. Read more>>

Far East Sees Overseas Opportunity in Car Park Deals

Far East Consortium International said in a press release it will continue to carry out regional strategy to achieve business growth, including to explore opportunities overseas for car park acquisitions, property development, hotel operations and management.

Chairman and chief executive David Chiu Tat-cheong says this business sector will grow as electrical vehicles have become more popular, so that many of the car owners need to charge their vehicles in car parks equipped with electric charging facilities. Read more>>

Modern Land Aims To Enter HK Property Market in 2020

Beijing-based Modern Land is aiming to enter the Hong Kong real estate market in 2020, said the company’s vice president Wang Qiang.

The revenue of the Hong Kong-listed company is expected to jump to RMB 50 billion ($7.5 billion) by 2020, said Wang, adding that Modern Land aimed to develop green technology in its residential projects, which will include kindergartens, primary schools and senior housing. Modern Land would invest RMB 2 to 3 billion ($300 to $400 million) in each project and would not rule out the possibility of cooperating with other developers. Read more>>

Tune in again later for more Hong Kong news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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