A consortium comprising CSI Properties (497 HK), Asia Standard International Group (129 HK), and Cheung Chung-kiu, applied to the Town Planning Board to redevelop “Harbourside HQ” into two residential towers.
The Planning Department previously indicated no objection to the application. However, Hong Kong’s Town Planning Board rejected the proposal last Friday.
Vacancy rates for HK commercial properties remain elevated. 25% for Harbourside HQ. Yet, rezoning sets a precedent that cannot easily be reversed (as and) when economic conditions rebound.
Town Planning Board's Rezoning Rejection Is The Right Call
Keep reading with a 7-day free trial
Subscribe to Hong Kong/China M&A/Events to keep reading this post and get 7 days of free access to the full post archives.