14 Jul 2023
CK Assets Borrett Road $20.8B cancelled transaction. Mr. CHIU: It is a pity and will be re-sold according to market conditions.
長實(01113)去年宣佈207.7億元沽出半山西部的21 BORRETT ROAD，餘下總數152伙住宅以及一眾車位，由新加坡公司華瑞資本（Sino Suisse Capital Pte.）購入，不過長實今日突然宣布中止交易。
21 BORRETT ROAD 豪宅項目位於香港最尊貴之山頂地段，乃一項稀珍的優質資產。在簽訂買賣合約後，由於市場不斷變化及利率變動，儘管雙方已嘗試在不損害權益的基礎上討論，研究不同方案解決問題，惟最終未能達成協議，集團只好執行相關合約條款，甚為可惜。集團將按市況重新作出銷售安排。
所涉及的21 BORRETT ROAD單位為項目未售出部分之住宅單位，涉及總實用面積32.78萬平方呎，相當於市值呎價6.2萬元，再連同額外每個住宅車位500萬元及每個電單車位30萬元。
Cheung Kong (01113) announced last year that it sold 21 BORRETT ROAD in the west of the Mid-Levels for $20.77 billion. The remaining 152 residential units and a lot of parking spaces were purchased by Sino Suisse Capital Pte., a Singapore company. However, Cheung Kong suddenly announced today Abort the transaction.
Cheung Kong executive director CHIU Kwok Hung pointed out:
The 21 BORRETT ROAD luxury residential project is located in the most prestigious hilltop area in Hong Kong. It is a rare high-quality asset. After signing the sale and purchase contract, due to the constant changes in the market and interest rate changes, although the two parties tried to discuss and study different solutions to solve the problem on the basis of not harming their rights and interests, they failed to reach an agreement in the end, and the group had to implement the relevant contract terms, which is a pity . The Group will make new sales arrangements according to market conditions.
Cheung Kong pointed out that the buyer did not pay the first partial payment of 1.038 billion yuan and its accrued interest in accordance with the terms of the sale and purchase agreement. Although the two parties have tried to resolve the breach of contract through discussions on the basis of not compromising their rights and interests, they were unable to reach a solution. Accordingly, on July 13, 2023, the seller has issued to the buyer pursuant to the sale and purchase agreement
The 21 BORRETT ROAD units involved are residential units in the unsold part of the project, involving a total usable area of 327,800 square feet, equivalent to a market value of $62,000 per square foot, plus an additional 5 million for each residential parking space and each motorcycle 300,000.
According to the original transaction arrangement, the buyer, Huarui Capital, a Singapore company, has paid a deposit of about 2.08 billion. After the sales agreement, five installments will be paid every six months. The first two transactions are 5% of the transaction price, and the last three are transactions. 10% of the price, 40% of the total transaction price, and all the remaining amount will be paid in 2025. In addition to having a long transaction period, this time Cheung Kong also provides buyers with loans, involving a maximum of 10.38 billion or 70% of the property mortgage.