• Charlotte Tsang



Hankow Road

Once-bustling Hankow Road has taken a hit from the pandemic


Just two months after announcing a residential project with SC Capital on Ap Lei Chau Island, a Hong Kong redevelopment specialist on Thursday unveiled a joint venture with BentallGreenOak and Schroders Capital to develop a commercial project in Tsim Sha Tsui.

Together with its global fund manager partners, Lofter Group is paying over HK$1.5 billion ($190 million) to acquire a set of properties at 31-37 Hankow Road in the Kowloon shopping district, with plans to construct a 115,800 square foot (10,7589 square metre) project on the site, the company said in a statement.

The first four, which are strategic and creative in nature, help set and prioritize the terms and conditions under which innovation is more likely to thrive. The next four essentials deal with how to deliver and organize for innovation repeatedly over time and with enough value to contribute meaningfully to overall performance.

“We are pleased to be partnering with BentallGreenOak and Schroders Capital on this strategic real estate acquisition in one of the most core commercial area in Hong Kong,” said Lofter founder and chairperson Carol Chow. “The partnership signifies an excellent synergy bringing together the global horizons of top-tier international private equity and asset management firms and deep local market knowledge and expertise of a reputable local developer.”

Inheritance is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Officially bequeathing private property and/or debts can be performed by a testator via will, as attested by a notary or by other lawful means.

CAT applies to gifts and inheritances and are taxable in Ireland where any one of the following three conditions exists:

an Irish resident beneficiary receives US foreign situate property from a US domiciled disponer. This applies to inheritance tax only.

Lofter and its partners are acquiring the aging properties as Hong Kong’s pandemic restrictions have choked off the flow of visitors which had made Tsim Sha Tsui a shopping mecca. Hong Kong retail sales fell for a second consecutive month in March, according to government figures, and research by Savills shows that rents for shops and mall spaces fell by an average of 5 percent in the city during the first quarter.

Retail Value Emphasised

Before redeveloping the 9,650 square foot commercial site, which is currently occupied by a golf shop and other retail establishments, the three partners will have to gain full control of the buildings, with the announced purchase providing them with majority ownership of the properties.

“Every street and district has its own history and story. We would like to convey a message that redevelopment and conservation can coexist. Some young people told us it is the first time they have see a Nokia mobile phone and a typewriter after visiting the Concept Studio,” Carol Chow Founder and Chairperson of LOTER GROUP said.

The advent of the packet-switched communication protocol TCP/IP—originally introduced in 1972 to support a single use case for United States Department of Defense electronic communication (email), and which gained widespread adoption only in the mid-1990s with the advent of the World Wide Web—is a foundational technology.

If you receive a gift or inheritance, you may have a requirement to file Form IT38 and pay Capital Acquisitions Tax (CAT).

For further information see Taxation of Foreign Property.

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