Commercial Real Estate (M&A, Equity Deals, Joint Venture)

 

• Joint venture between New World Development and State-owned conglomerate China Merchants Shekou Group to co-develop the largest mixed-use development in Fanling North, Northern Metropolis Development involving an investment of at least HK$10 billion; being the first joint venture in the Fanling North New Development Area to support Government's Northern Metropolis Action Agenda announced in 2023. The project occupies approximately 150,000 square feet with potential to build gross floor area of over 1,000,000 square feet (over 2,000 residential units) and 180,000 square feet for commercial use.

 

• Represented New World Development in the sale of all its interest in D‧PARK mall and the mall’s parking spaces for a total cash consideration of HK$4.02 billion, with a total area of 630,000 square feet, and including 1,000 parking spaces. This is the largest standalone commercial property transaction on record since 2017.

 

• Represented New World Development in the HK$2 billion disposal of Pentahotel Hong Kong in 19 Luk Hop Street, San Po Kong, Wong Tai Sin through the disposal of the entire equity interest in the property holding company. This is the largest standalone hotel transaction on record since 2019.

 

• Acted in the HK$9.95 billion acquisition of the entire 22-storey Grade A office building at No. 18 King Wah Road, North Point through the acquisition of equity interest in the property holding companies. The price tag equates to approximately HK$30,169 per square foot, which is the then highest price for office space in North Point.

 

• Acted in the HK$6.6 billion deal for a developer to acquire a large residential site in Tuen Mun, New Territories through the acquisition of equity interest in the property holding companies (known as Emerald Bay now known as Ocean Camino). This represents one of the largest transactions of one single residential site in 2017.

 

• Represented a PRC developer in its HK$4.7 billion acquisition of 100 percent equity interest in a property holding company which consists of significant number of lots in Wo Shang Wai, New Territories, involving approximately 20.74 ha (or 2.23 million square feet).

 

• Represented a leading property developer in Hong Kong in the HK$3 billion disposal of all of its economic interest in two shopping malls operated by MTR Corporation Limited, namely Telford Plaza II and PopCorn 2.

 

• Represented a leading property developer in Hong Kong in the disposal of approximately HK$2.36 billion of its 45% interest in the joint venture company being the property holding company of Shun Tak Centre in Sheung Wan. The joint venture company owns certain properties at Shun Tak Centre, including the shopping arcade's lettable area of 214,486 square feet, the office's gross area of 13,827 square feet and 85 car parking spaces.

 

• Represented a Chinese developer to acquire a residential site in Tonkin Street, Kowloon through the acquisition of the shares and shareholders loan in the property holding companies at a consideration of over HK$2.5 billion (now known as The Vertex).

 

• Represented a leading property developer in the disposal of approximately HK$1.21 billion of the entire equity interest in four property holding companies with the target property at Eight Kwai Fong, a residential project in Happy Valley.

 

• Represented a leading developer in the HK$1.85 billion sale of a residential site in 2 to 16 Mount Parker Road, involving ex civil servants co-operative building society scheme by way of disposal of the equity interest in various property holding companies.

 

• Represented subsidiaries of a Hong Kong listed company to acquire top five floors in the integrated commercial building, together with the entire rooftop area and special issues on naming rights of the building, at 92 Wellington Street (now known as DL Tower).

 

Land Compulsory Sale Applications

 

• Compulsory sale application of 3 large sites (a) 54, 56, 58, 60 Percival Street, 5, 7, 9, 11 Lee Garden Road (b) 62, 62A, 64, 64A, 66, 66A, 68, 68A Percival Street, 13, 15, 17, 19 Lee Garden Road and (c) 70, 72, 74, 76 Percival Street, 60 Russell Street and 21, 23, 25, 27 Lee Garden Road, being Hong Kong's largest compulsory sale application in terms of existing use value (HK$4.5 billion), redevelopment value (at least HK$6.5 billion) and number of respondents (51 Respondents) (LDCS 8000/2022).

 

• One of the largest compulsory sale applications of "The State Theatre Building" in North Point in terms of redevelopment value (over HK$4.7 billion being highest amount in history up to the end of 2021) and number of respondents (35 respondents), which is also Hong Kong's first compulsory sale application of building which is listed as "Grade 1 historic building" by the Antiquities Advisory Board (LDCS 27000/2018).

 

• Successful compulsory sale application of Hankow Apartments in 43, 45, 47, 47A, 49, 49A Hankow Road with reserved price at HK$2.134 billion (LDCS 15000/2019).

 

• Successful compulsory sale application of Rose Court in 23A, 23B, 24A, 24B, 25A, 25B, 26A, 26B, 27A, 27B, 28, 29A, 29B, 30A, 30B, 31A, 31B, 32, 33A, 33B, 34A and 34B Rose Street, Yau Yat Chuen with reserved price at HK$2.075 billion (LDCS 5000/2020).

 

• Hong Kong's first compulsory sale application on Government Civil Servants' Co-operative Building Society Scheme buildings at 2, 4, 6, 8 Mount Parker Road (LDCS 13000/2019).

 

• Successful compulsory sale application for various residential buildings in Po Wah Building and tenement blocks at 1-7 Landale Street and 2-8 Anton Street, Wan Chai, being the then largest compulsory sale application in terms of redevelopment value (over HK$2 billion) and number of respondents (with 35 respondents at the commencement of the action) (LDCS 1000/2015).

 

• Successful compulsory sale application of Yan Shing Mansion in 29 Morrison Hill Road (LDCS 12000/2021).

 

• Represented majority owners in obtaining compulsory sale order for 93-95 Catchick Street in Kennedy Town (LDCS 22000/2020).

 

• Represented majority owners in successfully obtaining compulsory sale order for 244-256 Hai Tan Street in Sham Shui Po (LDCS 32000/2018).

 

• Compulsory sale applications of commercial/ residential composite building in 9, 9A, 11 and 11A and 13-13A Liberty Avenue, Kowloon (LDCS 3000/2018 and LDCS 4000/2018).

 

• Successful compulsory sale application of a residential building in 168, 168A, 168B, 168C Boundary Street (LDCS 25000/2014).

 

• Successful compulsory sale application of a residential building in 10, 10A, 12, 12A La Salle Road (LDCS 42000/2012).

 

Compliance with Residential First-hand Sales Legislation

 

• One of the few solicitors in private practice who have direct involvement in the entire legislative process of the Residential Properties (First-hand Sales) Ordinance (“Cap.621”), being the first legislation in Hong Kong regulating sale of first-hand residential properties, by providing full-scale comprehensive advice on the impact of Cap.621 on the real estate industry: Alan represented The Real Estate Developers Association of Hong Kong to negotiate with the Government on the entire legislative process relating to Cap.621 since it was still in its Bill form in 2011.

 

• Advised the developer as special counsel on compliance with the legal requirements under Cap.621 with respect to the sale of residential units in Uptown East, 55 Kwun Tong Road, Kowloon.

 

• Advised the vendor as special counsel on compliance with legal requirements under Cap.621 with respect to the sale of residential units in Phases 1 and 2 of high park, 1 Hung On Lane, New Territories.

 

• Represented receivers in the tender sale of the luxurious house at 15 Gough Hill Road situated, The Peak, with a site area of approximately 18,078 sq. ft., involving complicated issues of compliance with Cap.621 and special alteration and addition works.

 

• Frequently interviewed by newspapers, magazines and media to share views on hot topics in town regarding the compliance issues of Cap.621 (including Sing Tao Daily, Metro Radio, The Hong Kong Economic Journal, iMoney magazine).

 

• Delivered over 80 seminars to over 1,000 attendees since 2012, including developers (most of them are the Hang Seng Index’s Properties constituents), legal profession, surveyors and law school students, to provide introduction and training for compliance with the requirements under Cap.621.

 

High-profile Receivership Cases

 

• Grand Homm - Assisted receivers to address legal issues in relation to on-going litigations by mortgagor and other unsecured creditors. We are the only firm designated by receivers to act for individual purchasers to facilitate receivership sale.

 

• 15 Gough Hill Road - Acted for the receivers in the sale by tender involving complicated legal and technical issues such as addition and alteration works to property and compliance with the legal requirements under the Residential Properties (First-hand Sales) Ordinance (Cap.621).

 

• Dragon Court, 6 Eastbourne Road – Acting for the receivers in the sale by tender which involve complicated legal and technical including special arrangement on building plans and stamp duty refund issues.

 

• OPUS – Acted for a purchaser to purchase 5/F of OPUS from the receivers; acting for the purchaser (new owner) to apply to the Court to recover vacant possession by evicting the unauthorized occupants.

 

• Royal Garden, No.27 Repulse Bay Road - Acted for the mortgagee/ lender at acquisition and refinancing phase and to provide assistance at enforcement stage to gain repossession of the properties. 

 

• Kai Yue Commercial Building and Shun Tak Centre - Acting for the receivers in the proposed sale of certain commercial properties following loan defaults which involve advising the receivers on legal issues including the receivers' rights and powers to recover (or take legal action to recover) vacant possession of the mortgaged properties from the mortgagors.

 

• China Evergrande Centre – Acted for an intending purchaser with extensive negotiations with the receivers and their solicitors in the proposed purchase of the whole of China Evergrande Centre.

 

Project Conveyancing

 

• Advised major developers and statutory bodies on the sale of first-hand properties of different types of development (including residential, office, commercial, industrial mixed-use composite developments).

 

• Selected large-scale/ luxurious projects: State Pavilia, Deep Water Pavilia, The Pavilia Forest, One Jardine's Lookout, Grand Homm, Uptown East, Grandview Oceania, Villa La Plage, The Pavilia Farm, Mount Pavilia, Grand Central, Emerald Bay, Le Pont, Montego Bay, 888 Lai Chi Kok Road, Mount Regalia, 45 Tai Tam Road, Artisan House, Artisan Garden, Atrium House, Alassio, Azura, Argenta, Arezzo, Mount Parker Residences, My Central, Mayfair By The Sea, iCITY, The Vertex, The Harmonie, L.Living 23, Allegro, Mangrove.

 

Building Covenant Extension in Compulsory Sale Applications

 

• Assisted clients to obtain 59-month extension of the building covenant imposed under a compulsory sale order at the site at Mount Parker Road for the redevelopment of the combined site at Mount Parker Road and King's Road, being the first case in compulsory sale history to allow the use of receivership and land exchange as the grounds to extend building covenant (LDCS 13000/2019).

 

• Assisted clients to obtain 42-month extension of the building covenant imposed under a compulsory sale order at the site where the former Kai Tak Mansion is situated (LDCS 4000/2013).

 

• Successful extension of the building covenant imposed under a compulsory sale order for the redevelopment of The State Theatre Building, North Point, Hong Kong. 

 

• Successful extension of the building covenant for the commercial re-development at 11, 13 and 15 Matheson Street, Causeway Bay, Hong Kong (now known as The Hedon).

 

Town Planning and Building Plans (Applications, Appeals and Legal Actions)

 

• Represented New World Development in the redevelopment of The State Theatre Building, North Point, including advice on general building plans with special features such as preservation of Grade 1 historic building and redevelopment potential and surrender of certain part of the site areas.

 

• Represented a key developer in a successful Court of Appeal judicial review application quashing the Town Planning Board’s decision to refuse relaxation of plot ratio and building height restrictions for a residential redevelopment at Seymour Road, Mid-Levels West (reported in Hong Kong Law Report & Digest as [2009] 3 HKLRD 339).

 

• Represented a key container terminal operator to successfully request the Town Planning Board to relax height restrictions imposed on various container terminal sites in Kwai Chung, involving a gross floor area of over 6 million sq. m. which worth billions of HKD investment.

 

• Acted for a developer in its successful appeal before the Appeal Tribunal (Buildings) quashing the Building Authority’s decision to reject general building plans for a hotel development at Leighton Road, Causeway Bay.

 

High-profile Complicated Sale and Purchase of Luxurious Residential Properties

 

• Sale of 15 Gough Hill Road with asking price of approximately HK$1 billion (for receivers/ lenders).

 

• Sale of 46 Plantation Road at HK$1.1 billion (for creditors/ lenders).

 

• Sale of 28 Peak Road at HK$1.05 billion (for creditors/ lenders).

 

• Sale of 99, 101, 103 Peak Road at HK$828 million (for creditors/ lenders).

 

• Sale of 19 Kent Road at HK$227.8 million (for vendor).

 

Strategic Large-scale Acquisitions for Redevelopment

 

• Represented a reputable Hong Kong developer in its strategic acquisition to consolidate the title of all the units in Nos. 21 to 31 Wing Fung Street, Wan Chai, Hong Kong, for redevelopment. As part of the acquisition process, also advised various highly complicated real estate legal issues, including advice on redevelopment potential in terms of plot ratio and gross floor area, building management disputes, strategy on compulsory sale applications, submission of general building plans, lodging of building appeal to the Appeal Tribunal (Buildings) to challenge the Building Authority’s disapproval of building plans and objection to the Town Planning Board on the proposed restrictions imposed on future redevelopment of the site.

 

• Represented one of the largest Chinese developer in the successful acquisition of a significant number of units (over 80% undivided shares) in several residential buildings in Hong Kong through the acquisition of the equity interest in a number of property holding companies involving a total consideration of over HK$650 million, paving the way for compulsory sale applications for redevelopment.

 

• Acted for a key developer to acquire the Government's interest in Cornwall House to complete its title consolidation in TaiKoo Place, Quarry Bay which involved an exchange of 10 floors of office space in Cityplaza Three for all the areas in Cornwall House owned by the Government consisting of 8 floors. This is an important transaction to the developer because this is the last piece of acquisition to consolidate the title of the entire TaiKoo Place to facilitate its redevelopment of three existing industrial buildings into two Grade A office towers. The transaction involves the drafting of complicated legal documentation because, upon completion of the exchange, the Government will become a co-owner of Cityplaza Three. Apart from the deed of mutual covenant, a tailor-made sub-deed of mutual covenant is prepared for the office accommodation of Cityplaza Three. The developer is also required to grant various rights of way, easements and right of use to the Government to facilitate the use and operation of its office premises in Cityplaza Three.

 

• Acted for the majority owner in the successful acquisition of 100% interest in various sites at Caine Road, Seymour Road and Castle Road in the Mid-Levels West for comprehensive residential redevelopments (now known as AZURA, ARGENTA, AREZZO and ALASSIO).

 

Large-Scale Leasing Projects

 

• Represented the landlord in its successful renewal of the 10-year lease with an investment bank in International Commerce Centre (ICC), which is the tallest building in Hong Kong. The deal involved the renewed leasing of 14 floors of office space (total gross floor area of 499,859 square feet).

 

• Represented the landlord in three largest standalone office leasing transactions in Hong Kong - International Commerce Centre (ICC) leasing to Deutsche Bank, Credit Suisse and Morgan Stanley involving complicated leasing structure and granting of special rights and interests, and a total rental income of billions of Hong Kong dollars.

 

• Acted for a key developer in the leasing of office space in "TaiKoo Hui", Guangzhou to HSBC, being one of the then largest standalone office leasing transactions in southern part of PRC.

 

• Acted for a key developer in the pre-lease and lease of office and retail premises in a large-scale comprehensive development in Guangzhou, PRC involving over 4 million sq. ft.

 

• Acted for major developers in letting of large-scale shopping centres and offices in Hong Kong and PRC (including International Commerce Centre, Two Harbour Square, Shanghai ifc, apm, Langham Place, 33 Des Voeux Road Central, The Westwood in Belcher's and Liberte Place).

 

Government Lease Modifications and Land Exchanges

 

• Represented a PRC developer on its land exchange cum lease modification applications which was one of the most complicated mixture with the Lands Department in relation to a large-scale residential development cum wetland restoration program at Wo Shang Wai, Yuen Long involving the land premium of approximately HK$4 billion. The proposed comprehensive development includes a Wetland Restoration Area (comprising over 200 houses and a wetland habitat). The applications involved simultaneous applications for lease modification in respect of portion for wetland habitat and in-situ land exchange for the grant of a new lot for private residential purposes.

 

• Represented a developer on Hong Kong's first land exchange application of site subject to compulsory sale order granted by the Lands Tribunal in compulsory sale application at Mount Parker Road, Quarry Bay which involved highly complicated land administration cum legal related issues and interpretation of provisions of the compulsory sale legislation. 

 

• Advise developers and charitable organisations in relation to applications for in-situ land exchange, modification of government leases, assessment of land premium, master layout plans applications, lease extensions, removal of non-offensive trade clause and extension of building covenant.

 

Judicial Review Applications

 

• Represented a major developer in a successful judicial review application requiring the Town Planning Appeal Board to relax the plot ratio restrictions (and hence increase the permitted gross floor area to be constructed) on the site at Castle Steps, Mid-Levels West.

 

• Representing major developers in property related judicial review applications including renewal of government leases, review of Town Planning Board’s decisions on town planning appeals and Appeal Tribunal’s decisions on general building appeals.

 

Stamp Duty Appeals

 

• Represented a developer in the appeals lodged against the Collector of Stamp Revenue to challenge the assessments of stamp duty in bulk acquisitions of old residential units in the then Kai Tak Mansion at Nos.53, 53A, 55 and 55A Kwun Tong Road, Kowloon.

 

• Advised a developer on stamp duty issues and stamp duty appeal in relation to the stamp duty assessment made by the Collector of Stamp Revenue in respect of the Hotel Portion of a development in Kowloon.

 

PRC Real Estate Projects, Joint Venture, Land Acquisition

 

• Acted for the joint venture company established by Lee Kum Kee Group and Vanke Group on the RMB 5.7 billion acquisition of Corporate Avenue 3 in Shanghai Xintiandi, from Shui On Land, through the acquisition of the share capital in the property holding companies. The deal represents one of the largest standalone real estate transactions in PRC in 2015.

 

• Acted for a key developer in a joint venture project in a large-scale comprehensive development in Guangzhou known as “TaiKoo Hui” comprising office, hotel and shopping mall involving an investment of over RMB 6 billion.

 

• Advised a key developer in its large-scale mixed use development known as “Shanghai ifc” comprising retail, commercial, office and hotels.

 

• Advised a major developer in its development at No.3 Huaihai Central Road, Xuhui District, Shanghai for the development, leasing and sale of the mixed use complex comprising retail, office, hotel, entertainment and residential premises.

 

• Advised different developers in “tender, auction, listing (known as gua pai)” applications for the grant of State land use right and property management matters for different kinds of property developments in the PRC.

 

Successful Court of Final Appeal Compensation Claim

 

• Representing a developer in its successful claim before the Court of Final Appeal for compensation under the Railways Ordinance in relation to a residential development at Lam Tei, Tuen Mun (reported in the Hong Kong Court of Final Appeal Report as [2011] 14 HKCFAR 439).