Caroline Hill Road Project Foundation Works Commences
Management from Chinachem Group, Hysan, Gammon and construction workers taking part in the Bai Sun ceremony on 9 September 2022 to mark the commencement of the foundation works for the Caroline Hill Road development. The Caroline Hill Road site will be developed into premium commercial buildings with community facilities, and is scheduled for completion in 2026.
Chinachem Group Confirms with Helical The Purchase of a London Office Building at £158.5 million
Chinachem Group (the “Group”) today announces that the Group has confirmed with Helical Plc for the purchase of the 150-year long leasehold interest of Kaleidoscope, an office property situated in an emerging new tech cluster in London, at £158.5 million, reflecting a capital value of £1,789 psf. The lease from Transport for London was granted in 2018 and has a head rent geared to 10% of contracted rents. Completion is due to take place in ten days. This transaction marks the Group’s first overseas acquisition, which will help drive its portfolio diversification and sustainable growth. Newly completed in 2019, this six-storey 88,580 sq. ft. office building sits above the Farringdon East Crossrail Station. This well-connected area has attracted many tech companies to settle there, while the UK headquarters of Amazon and Snapchat are nearby. Situated at Lindsey Street, EC1, Kaleidoscope is currently fully occupied by Tiktok, the popular short form video hosting service owned by ByteDance, who took a 15-year lease in March 2021 at £7,633,053 per annum (an average rent in excess of £86 psf). The PLP designed scheme is accredited BREEAM Excellent, WiredScore Platinum and provides a 5,000 sq. ft. roof terrace together with spa quality end of journey facilities and features integrated artwork by Dutch artists De Makers Van. Donald Choi, Executive Director and CEO of Chinachem Group, said: “We’re delighted to have acquired Kaleidoscope successfully as it is located in a prime position in one of London’s most dynamic, vibrant and culturally rich sub-markets with impressive rental growth. We intend to hold this property for long-term investment.” He added: “Having now made our London entrance, we will incrementally increase our exposure in gateway cities of other major developed markets in order to move further forward our diversification objectives and build a long-term resilient income stream. However, Hong Kong still remains our home and the core market of our business operations.” Matthew Bonning-Snook, Property Director at Helical, commented: “Kaleidoscope was the first over station development to complete on the Elizabeth Line and we were able to attract one of the world’s fastest growing tech businesses due to its striking design, highly accessible location, excellent amenities and strong environmental credentials. We will now seek to recycle the proceeds from the sale into delivering new highly sustainable ‘best-in-class’ Central London office schemes, where occupier demand remains strong.”
Chinachem Group Acquires approximately 56% Interest in Pine Care For approximately HK$451 million
As the First Step to Develop its Healthcare and Elderly Care Business
Today, Chinachem Group (the “Group”) announces the acquisition of approximately 56.15% interest in Pine Care Group Limited (“Pine Care”) (Hong Kong Stock Code: 1989) from its controlling shareholders for a total consideration of approximately HK$451.2 million, subject to certain conditions precedent being fulfilled or waived. It is expected that this investment will mark the first step of the Group to develop its healthcare and elderly care business. As one of the largest property developers in Hong Kong, the Group strives to provide green and age-friendly facilities in its buildings, as well as to offer community services for the elderly and to make Hong Kong a more liveable city. Pine Care is a sizeable local elderly care home operator that has been committed to promoting quality elderly care services for years. The Group and Pine Care share the common belief in being ‘people-centric’. In response to the ageing population trend in Hong Kong, the Group aims to develop its healthcare and elderly care business sectors by investing in Pine Care. “This agreement marks another crucial investment under our business diversification strategy, and opens a new chapter in our healthcare and elderly care business development,” commented by Donald Choi, Executive Director and CEO of Chinachem Group. "Given Hong Kong’s ageing demographics, we are confident in the prospects of the healthcare and elderly care industry. Following our ‘Triple Bottom Lines’ principle that puts equal weight on benefiting People, Prosperity and Planet, we will strive to build a more liveable community for all generations.” The Group currently has no intention to introduce any major changes to Pine Care’s existing operations and businesses upon the acquisition. The Group will continue to monitor and review Pine Care’s businesses and operations from time to time, and may take steps that it deems necessary or appropriate to optimise the value of Pine Care. The Group is actively studying the Continuing Care Retirement Community (“CCRC”) concept, which is becoming increasingly widespread in North America, Europe and Mainland China. Unlike traditional elderly care service concepts, CCRC is a sustainable community of elderly vitality where an array of services such as elderly care homes, nursing homes and day care centres are provided alongside apartments for senior citizens, allowing retirees to enjoy a variety of social, entertainment and care services to enhance their quality of life and well-being. The Group always cares about elderly well-being. Its residential development Mount Anderson is a pioneer in adopting the new concept of an all-age living community. In addition, the Group and the Jockey Club Institute of Ageing of the Chinese University of Hong Kong are collaborating on a five-year project to establish a set of guidelines on the private residential housing for all-age community, which aims to help the elderly lead an enjoyable life.