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Old July 22nd, 2009, 06:49 PM   #41
hkskyline
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Quote:
Originally Posted by -shogun- View Post
All pics by me:

From the Peak? Incredible zoom!
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Old July 22nd, 2009, 06:53 PM   #42
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Yes its from the peak, camera is Panasonic FZ 18 (not a dslr!)
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Old July 23rd, 2009, 08:09 PM   #43
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Seems that they're trying to replicate the Bird's Nest somewhere in the middle lol

Should this thread be renamed The ONE?
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Old July 24th, 2009, 07:23 PM   #44
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By fatshe :

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Old July 24th, 2009, 09:08 PM   #45
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Quote:
Originally Posted by Rachmaninov View Post
Seems that they're trying to replicate the Bird's Nest somewhere in the middle lol

Should this thread be renamed The ONE?
i think it looks like they want different things from 5 different buildings and put it all together in one.

the shame is the beams in bird next are structural and they have a purpose there. but apparently not here.

srsly ... wazup with all these TST buildings?
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Old July 24th, 2009, 10:16 PM   #46
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Quote:
Originally Posted by jose_kwan View Post
i think it looks like they want different things from 5 different buildings and put it all together in one.

the shame is the beams in bird next are structural and they have a purpose there. but apparently not here.

srsly ... wazup with all these TST buildings?
isquare is quite good, but there seems to be a huge construction boom in TST lately. New World is demolishing their parking lot by the waterfront. Let's see what that turns out to be!
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Old August 4th, 2009, 06:14 PM   #47
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五大家族第二代孭重飛執掌千億投資
22 July 2009
東周刊

香港超級富豪近年逐漸將億萬生意王國交棒予第二代,創業難守業更難,如何將家族生意發揚光大,是這些接班人的最大考驗。

新世界發展鄭裕彤、信和置業黃廷方、霍英東集團霍震霆、合和實業胡應湘和華人置業劉鑾雄等五大家族,掌控的生意王國資產以數千億元計,五大孖沙早已精心部署讓第二代上位,鄭志剛、黃永光、霍啟山、胡文新和劉鳴煒被視為生意王國接班人。

五位太子均在美國或英國接受金字塔式的精英教育,系出名門,學歷超班和擁有專業知識,同時亦肯搏肯捱,目前,他們不約而同地為家族千億重頭投資項目擔大旗,被視為「考牌」之作。

他們各有抱負,能否青出於藍,就要看他們能否憑實力做出佳績。

這班富豪二代精英,接掌家族千億王國看似順理成章,然而,他們孭重飛之前皆練得扎實根基,早在求學時期已接受磨練,畢業後大多數在著名投資銀行學師,練好一身好「武功」才返回家族生意王國一展身手。

一名投資銀行家指出,「城中富豪都會送子女去外國接受精英教育,尤其係美國,然後讓他們在投資銀行磨練幾年,好讓他們熟習外面的世界。他們大部分都好捱得,好tough(硬淨)。」

以華人置業老闆劉鑾雄長子劉鳴煒為例,十六歲便隻身赴英國升學,二十多歲便獲取法律博士學位,又考取了特別財務分析師資格。與此同時,他又曾在美國最大的投資銀行高盛任職,相信他的法律和財務專才,可以在華置大派用場。

信和接班人黃永光雖然甫畢業便協助打理家族生意,但他曾在新加坡當過兩年半兵,而新世界發展未來?弗人鄭志剛,既做過歐資大行瑞銀,在日本進修時更兼職教英文賺生活費。

由低做起方知創業艱難,當他們接掌家族生意王國時,才知所進退,而現在他們接手的項目,均不易「啃」,可見香港巨富培養接班人皆用心良苦。

黃永光地產界保育先鋒

我會利用過往的保育和發展環保建築經驗,發揮灣仔的傳統特色。

香港地產商向來予外界的印象是無寶不落,但有地產大好友之稱的黃志祥,其公子信和置業執行董事黃永光近年則在保育和環保業務上搞得有聲有色,難怪今年已帶領集團連奪大澳舊警署和灣仔喜帖街兩個重建項目,賺錢之餘也贏得了保育人士的掌聲,令他在地產界嶄露頭角。

喜帖街項目是信和未來幾年的重點項目,投資額估計高達八十三億元,除了興建千多個單位,還設有嫁娶用品的主題商場及中西婚嫁傳統文物館,今次信和夥拍合和成功擊退其他對手,相信是黃永光和合和副董事總經理胡文新在保育方面贏了對手。

奪得該大型項目後,黃永光表露出喜悅,「喜帖街是灣仔地標,深入民心又有歷史價值,我會利用過往的保育和發展環保建築經驗,發揮灣仔的傳統特色,達到保育、活化和改善社區環境的終極目標。」據信和員工透露,「設計、圖則和很多細節都要落實,呢排細黃生一樣咁忙。」

原來,這位信和未來?弗人,在十多歲時已醉心保育和環保,「小時候去大澳旅行,棚屋和山水豆腐花令我難忘,我對大澳有獨特的情意結。」他接受訪問時稱。因此,他在四年前已默默搞保育,又成立非牟利機構「香港歷史文物保育建設公司」,積極活化歷史建築物,包括策劃把大澳警署改建成四星酒店,「細黃生為冲介紹大澳,和同事連趕幾晚通宵編寫大澳旅遊指南。」該名信和員工說。

連奪兩保育項目

幾年前,信和把新加坡郵政局改建成六星級酒店Fullerton,被外界讚揚是環保和保育的典範,他便出過不少力。今年初,香港歷史文物保育建設公司取得大澳警署的營運權,是他從事保育工作多年的另一個肯定。

三十一歲的黃永光畢業後即協助父親黃志祥打理生意,四年前出任信和執行董事,除了保育,他亦喜歡藝術,更將藝術理念融入旗下商場,「他開設了藝術專責隊伍在商場搞活動,又在奧海城商場及中環廣場設立藝廊,展出本地藝術品。」該信和員工續稱。

黃永光向來作風低調,兩年前「靜雞雞」結婚並無大排筵席,就算陪同父親出席政府賣地亦不愛出風頭,低調辦事有好成績,難怪他獲得爺爺黃廷方及父親的信任。

黃永光小檔案

年齡:31歲

婚姻狀況:已婚

現職:信和置業執行董事

往職:畢業後即加入信和

學歷:紐約哥倫比亞大學文學士

家族:黃廷方家族

估計家族資產:逾330億

「考牌」項目:83億喜帖街項目、大澳舊警署重建項目

興趣:保育、藝術

劉鳴煒打造購物新地標

The One設計突破傳統商場,以垂直方式向高空發展,將集購物、飲食及娛樂於一身的綜合商場。

大部分城中巨富後代的私生活都多姿多采,華人置業老闆劉鑾雄長子劉鳴煒卻與眾不同,不但與緋聞絕緣,和同窗女友拍拖三年便結婚,並於去年誕下龍鳳胎。雖然他為了照顧家庭,在華置的職位由執行董事轉為非執行董事,但仍被父親委以重任,擔大旗負責投資額達二十五億元的The One商場的招租,銳意打造成尖沙咀購物新地標,而商場在極短時間內火速租出逾三成樓面,成績斐然,相信「大劉」非常滿意愛子的表現。

旺區商場招租,並非簡單任務。美聯工商舖行政總裁黃子華坦言,The One的租務正面對激烈挑戰,「尖沙咀同時有凱聯酒店的iSQUARE,以及新世界發展的K11兩個商場夾擊。」劉鳴煒早前出席The One命名儀式時,信心十足地表示,「The One設計突破傳統商場,以垂直方式向高空發展,將集購物、飲食及娛樂於一身的綜合商場,已落實及快落實承租的樓面佔項目的三成,當中有戲院更會租用幾層樓面。」

The One租務佳

The One樓高二十九層、總樓面約四十萬平方呎,是全港最高的商場,黃子華續稱,The One的地理位置不及處於北京道的iSQUARE,加上前身東英大廈的租客都係醫生及細舖為主,因此,今次華置招租會有不少考驗,「華置並冇將租務交畀代理,但聽講The One租務做得唔錯。」

劉鑾雄放心交大型項目給愛子主理,原來劉鳴煒兩年來的多個「小考」都過關,今次被父親再委以重任,被視為「大考」。今年初,華置公布業績盈轉虧,但卻派發巨額股息,令市場不解,當時劉鳴煒替父親解畫,指派息後既不會影響公司營運和財務穩健,而集團仍有逾八十億元的現金流,足以應付未來開支。對答大方得體兼令人信服。

口才佳生活節儉

劉鳴煒除了擅長於法律和財務,賣樓和談判技巧亦有一手。兩年前,華置推售灣仔新盤尚翹峰,劉鳴煒經常與父親在福臨門午膳後,行「孖咇」巡視賣樓進展,結果樓盤賣個滿堂紅,劉鳴煒居功不少。尚翹峰重建時,本來打算將灣仔街市一併清拆,但這個在香港碩果僅存的德國包浩斯式建築物,保育人士均希望保留。擁執業律師資格的劉鳴煒代表華置與政府官員多番談判,終於達成在街市原址加建上蓋的保育方法。保住了灣仔街市,華置亦贏得掌聲,談判技巧出色的劉鳴煒功不可沒。

雖然家族資產超過三百億,但劉鳴煒的生活卻相當樸素,太太去年替他誕下龍鳳胎時,夫婦選擇在公立醫院生產,埋單不過幾千元。當孩子出生後,他為了撥多些時間陪伴家人,在華置的職位由執行董事轉為非執行董事,但劉鑾雄仍會將集團的大型項目,交給劉鳴煒負責,可見對他的信任。

劉鳴煒小檔案

年齡:28歲

婚姻狀況:已婚,一子一女

現職:華人置業非執行董事

往職:高盛及律師行Longview Partner LP

學歷:倫敦大學國王學院法律哲學博士

家族:劉鑾雄家族

估計家族資產:逾300億

「考牌」項目:25億尖沙咀The One商場

興趣:駕駛飛機

接班人多參與公職

不少老牌富豪向來與政治絕緣,但幾年前出現了變化,他們大力鼓勵第二代積極參與公職,回饋社會。兩年前,這些富豪第二代組成一個政治平台「百人會」,增加以中港政壇的影響力,成員包括鄭裕彤長孫鄭志剛、劉鑾雄長子劉鳴煒和霍英東男孫霍啟剛,均是「百人會」成員。

黃永光目前是貿發局基建發展服務業諮詢理事會會員,也是政協四川省委員。早前,劉鳴煒就被政府委任為公民教育委員會委員;而霍啟山及胡文新則分別當選為廣州及花都政協委員。這班千億王國接班人,有望在政壇佔一席位。

擁三大專業資格

劉鳴煒在香港中學畢業後,便獨自往英國留學,二十餘歲已考取了律師、CFA及飛機師三大專業資格,又有美滿家庭,事業愛情兩得意。他畢業於倫敦大學國王學院法律博士學位、又在美國紐約州考獲了註冊律師資格,其後更成為特許財務分析師(CFA)。

據熟識劉鳴煒的朋友透露,在外國期間,他考獲商業民航機師牌照,更曾經做過兼職飛行教練。父親擁有多架超級豪華私人飛機,他的駕駛技術隨時大派用場。

鄭志剛新百貨打響頭炮

接班人不敢講,我對着前輩要保持謙虛、低調的態度。

新世界第三代接班人,近年相繼曝光,其中鄭家純的長子鄭志剛,算是最早接手家族生意的第三代,現在已做得有聲有色。○七年七月新世界百貨上市,鄭志剛嶄露頭角,上市推介期間面對投資者與記者的提問表現從容不迫,對內地百貨業更是出奇熟悉。其後新百貨上市後股價靠穩,盈利增長強勁,鄭志剛表現可算有交代。

鄭志剛有今日的成績,與自小已接受悉心培養有關。原來鄭志剛十四歲就到美國讀中學,其後靠一己之力考入哈佛大學。後來他到日本留學期間,曾嘗試自力更生,兼職做英文老師賺取生活費。畢業後他到投資銀行工作幾年後,回港接手家族生意。他早已認定中國是未來潛力最大的市場,所以先搬回內地定居,體驗內地的生活和文化。

為了做好零售生意,他平日的嗜好就是行街、行商場,都不是為了購物,而是考察各地的商店,從中偷師。他將世界各地新意念,因應內地市民的習慣與喜好,將百貨業進行變革,因此新百貨在國內創多項先猷,例如二十四小時開業、店舖以主題不同分類等,有主力女性顧客的「白領館」,或主力賣鞋的分店等,結果都十分成功。

鄭志剛做內地百貨業十分成功,近期另一挑戰,就是回流香港,參與新世界於尖沙咀河內道大型發展項目。他發揮做零售業的專長,主理商場項目,將之命名為 K11,是全球首個購物藝術館。會搜羅本地及外國藝術家的作品,在商場中陳列,讓顧客在購物時,亦可欣賞各地優秀藝術家之傑作。

親自接見求職者

「香港人愈來愈有個性,所以商場都要有獨特的個性。」他曾經這樣說。至於為何叫K11,他就說:「你不要看作一個英文名,這個名字要由你自己演繹,因為香港人好個人化,不喜歡由我話畀你聽。我改了這個簡單的名,希望K11會成為尖沙咀其中一個地標。」

其實,在發展K11商場的各項細節,鄭志剛都親力親為。今年三月K11曾搞過招聘會,鄭志剛更親自與部分應徵者面試,他更寄語年輕人在找第一份工時,不應太斤斤計較。「只要認真對待自己第一份工,便會有機會得到第二份以及往後無數的工作機會,夢想的工作終有一天會找到。」

掌管集團投資旗艦

鄭志剛除了主打零售業,他在新世界系內另一重任,就是掌管集團投資旗艦新世界策略。這間公司可媲美李兆基旗下的兆基財經,投資範圍相當廣泛,「新世界策略投資主要投資於未上市公司,並不是炒股票!」他說。現時公司有一個約二十人的團隊,包括有投資銀行家、律師和會計師等,年中有不少時間,鄭志剛都會到世界各地,尋找合適的投資項目。

新策略旗下第一隻成功上市的公司,就是在國內發展地下商場的人和商業,公司利用將防空洞改建成商場的經營模式,令盈利有高速增長。鄭志剛早已看好其商業模式,入股人和並籌備上市,但在招股期間遇正雷曼破產,金融海嘯爆發,但最終人和商業仍然如期上市,掛牌後股價向好,相信為新策略帶來可觀利潤。

現年二十九歲的鄭志剛,外表看似比真際年歲更年輕,但一跟他談到生意,即時變得成熟穩重,口脗十分專業。他每次接受傳媒訪問,都是有備而來,資料充足。好像問他中國經濟,中國人消費習慣等問題,他隨時可以不停跟你講半個鐘,而且不停引用數據,令表達很具說服力。

雖然已貴為千億王國的接班人,他時常仍十分謙虛和低調:「接班人不敢講,我回到公司對着管理層、前輩都會抱着謙虛、低調的態度。始終我還是在學習階段,我和管理層非常有默契。」

甚至他日常生活也相當有規律,平時不愛夜蒲,晚上只愛到新世界旗下的君悅酒店咖啡室,其他的嗜好包括繪畫和歌劇。鄭志剛計劃於今年十一月結婚,令城中少了一個鑽石王老五。他笑言自己工作繁忙,到時可能忙到沒有時間度蜜月。

鄭志剛小檔案

年齡:29歲

婚姻狀況:未婚

現職:新世界發展執行董事

往職:日本高盛分析員

學歷:哈佛大學文學士

家族:鄭裕彤家族

估計家族資產:逾400億

「考牌」項目:K11、集團投資旗艦

霍啟山圓霍英東南沙夢

我幾乎天天來回中、港,地產既係爺爺(霍英東)心願,亦係我的興趣。

上周二,霍啟山突然出現在香港國際機場,今次不用逃避娛樂記者的鎂光燈,而是落落大方地以霍英東集團副總裁身份,主持機場至廣東南沙渡輪開通儀式之餘,又落力地推銷南沙豪宅項目。這名過往經常與女明星扯上關係、成為娛樂版常客的太子仔,與傳媒一起乘船到南沙,全程主持大局,「我幾乎天天來回中、港,地產既係爺爺(霍英東)心願,亦係我的興趣。」他對記者說。

畢業於英國King's College商業系的霍啟山,曾在華爾街投資銀行高盛工作過兩年多,○七年,他由美國回港,開始協助打理數百億資產的家族生意。在南沙搞科技園和基建是已故政協副主席霍英東的畢生心血。他三年前病逝,遺願交由子孫去實現。霍啟山是霍英東長子霍震霆的次子,他道出與哥哥啟剛的分工,「目前同哥哥全力搞南沙項目,他負責教育方面,我就主力房地產。」

專責廿億豪宅項目

霍啟山負責的項目名為「南沙國際社區」,當中一塊七百畝地皮會分數年發展成低密度豪宅,以及遊艇會,總投資額約二十億元。被委以重任,霍啟山全力投入工作,「二少每周六至周二多數上南沙工作,有時更即日來回,好頻撲。」一名霍英東集團員工透露。

身為資產逾三百億生意王國的副總裁,霍啟山沒有半點架子,除了致辭時感謝蒞臨他家鄉的記者,當記者用午膳時又再次多謝。

熱愛足球法拉利

儀式完結後,霍啟山隨即趕回香港,身份由副總裁搖身一變為香港小型足球總會會長,「下午有個會要開,商討稍後在香港搞一個小型球賽,迎接東亞運動會,講唔定遲啲喺南沙搞香港隊對南沙隊。」他笑笑口說。他這麼匆忙,回港後很可能親自駕駛價值三百萬的法拉利,趕去開會。

其實,霍震霆早已鋪路霍啟山接手生意王國。過去兩年,霍啟山多次返內地考察,當中去四川數次尋找商機,今年七月赴重慶更獲得書記薄熙來的接見,去年底,他更當選廣州市政協委員。

霍啟山小檔案

年齡:26歲

婚姻狀況:未婚

現職:霍英東集團副總裁

往職:投資銀行高盛

學歷:英國King's College商業系

家族:霍英東家族

估計家族資產:逾300億

「考牌」項目:20億南沙豪宅項目

興趣:足球

胡文新EMax變身考驗合格

合和一直希望為香港、為灣仔出一分力,合和二期盡快展開可創造就業職位,帶動香港經濟發展。

上周三,九龍灣EMax突然間熱鬧起來,原來况面的表演場館,已經變身有三千座位的戲院,並且舉行《哈利波特》首映禮,身為主人家的胡文新,在首映禮之前半小時已到場打點一切,他顯然為這個EMax變身後首個大騷分外緊張。

其實,胡文新近年將EMax大變身,可說是他初試啼聲考牌之作。那况前稱九龍灣國際展貿中心,多年來使用率不高,於是由胡文新出主意,將老化的九展,變身成年輕化的EMax商場。

由於Emax面積夠大,胡文新重新裝修表演場館,趁去年紅磡體育館維修,令Emax取得舉行演唱會的機會。現在紅館重開,EMax功成身退,即刻又大變身,成為有三千座位具備立體聲系統的戲院,最適合成為搞首映禮場地。

胡文新考牌之作可算合格,然而,灣仔合和二期MegaTower項目,將成為胡文新最大的考驗。這個擾攘近三十年的項目,近年由胡文新主理,他眼見項目拖延那麼久,於是採取較合作的熊度,希望項目盡快獲通過。他明白到屢次被城規會否決,在於該處道路較狹窄,項目令交通負荷增加,容易造成擠塞,於是主動大幅降低項目發展規模,務求速戰速決,希望盡快獲通過。

仍是鑽石王老五

近年搞大型市區重建,必受到環保及保育團體的嚴密監察。於是他大打溫情牌及民意牌,親力親為落區去灣仔推銷,講述合和二期對社區,及對下一代的好處,並可製造就業機會。結果獲批興建一幢五十五層高級酒店及商業物業,可說一圓父親心願。

難怪近日胡應湘出席公開場合,曾私底下與人講,「自己年紀都有番咁上下,加上Thomas搞得唔錯,我都可以放心!」相信他目前必定有更多時間,可以多陪太太去周遊列國。

有別於其他富豪第二代,胡文新是名副其實的鑽石王老五,三十七歲的他仍是單身,以往傳聞女友有南華傳媒行政總裁吳旭茉及電視藝員袁彩雲等,現時未有公開亮相的女朋友。

胡文新小檔案

年齡:37歲

婚姻狀況:未婚

現職:合和聯席董事總經理

學歷:史丹福大學工商管理碩士

普林斯頓大學機械及航天工程學士

家族:胡應湘家族

估計家族資產:逾100億

「考牌」項目:83億喜帖街項目、灣仔Mega Tower

興趣:冰球
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Old August 14th, 2009, 06:42 PM   #48
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Chinese Estates selling six retail shops in Causeway Bay
5 August 2009
SCMP

Property developer Chinese Estates Holdings plans to sell its retail shops in Causeway Bay, worth an estimated HK$2 billion, according to property agents.

The company was unavailable to comment yesterday.

Property agents believe the developer is willing to sell the shops because they are non-core assets and the investment market has picked up in recent months.

They said Chinese Estates planned to sell six retail shops at 24-26 East Point Road in Causeway Bay. But the plan did not include its Laforet shopping centre.

The interested parties could buy the shops separately or as a package.

The six shops are close to Sogo Department Store and World Trade Centre shopping centre, both prime sites in Causeway Bay. They are fully occupied, and the tenants include jewellers, restaurants and camera and ice-cream shops.

The average rent for the shops is about HK$150 per square foot. Their total floor area is about 15,000 square feet.

The most expensive shop is a 7,000 sqft unit, leased to a jeweller, which the agents estimated could be worth about HK$750 million.

Buyers could enjoy an initial rental yield of more than 2 per cent.

The developer is strong in the retail development sector, particularly in developing shopping centres targeting younger shoppers. Its latest project is The One, the redevelopment of the Tung Ying Building in Tsim Sha Tsui, which is now open for leasing.

Shares in Chinese Estates slid 0.29 per cent to HK$13.98 yesterday.
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Old August 22nd, 2009, 06:06 PM   #49
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By Itarilde from skyscrapers.cn :

image hosted on flickr


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Old August 23rd, 2009, 10:29 AM   #50
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anyone knows whats going on on the building right behind it?
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Old August 26th, 2009, 12:11 PM   #51
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26-8-09

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Old September 2nd, 2009, 05:56 PM   #52
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8/22

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Old September 14th, 2009, 04:01 PM   #53
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Old October 2nd, 2009, 01:17 PM   #54
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Old October 13th, 2009, 06:26 PM   #55
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Old November 3rd, 2009, 04:26 PM   #56
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Old November 3rd, 2009, 05:46 PM   #57
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Been in the TST area a lot recently (Harbour City) - this building is very dominating.
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Old November 9th, 2009, 05:36 PM   #58
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The interesting facade is slowly rising up. Once it peeks above the neighbouring buildings, it'll be a very stunning addition.
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Old December 18th, 2009, 03:27 AM   #59
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Art of the yin yang street gets more complicated
2 November 2009
SCMP

The ancient philosophy of "yin" and "yang" may seem far removed from Hong Kong's cut-throat property market. But for some, it explains why businesses may be booming on one side of the street and going bust on the other.

Yin and yang - or the opposing forces of dull and vibrant, dark and bright, scarcity and abundance - may have been first explored by Chinese philosopher Lao-tzu 3,000 years ago but for the city's businessmen, retailers and assorted property watchers, it explains empty stores or those bursting at the seams with customers.

Yin and yang are now applied to define the popularity or lack thereof of certain streets and districts in areas such as Peking Road, Lockhart Road and Causeway Bay. In a fast-changing city such as Hong Kong, picking the right street could make the difference between getting rich and going bankrupt. The problem for property developers and retailers is that today's yang may quickly become tomorrow's yin, because of forces outside their control.

Infrastructure projects and mega developments may dramatically change shopping patterns and make it hard to pick when yang will become yin. And with the government embarking on a massive infrastructure drive, the problem will only get more difficult.

"Originally, a yin yang street referred to a street that was full of pedestrians on one side but no one on the other," said Backy Fung Lok-shing, a director of the investment department at property consultant Savills Hong Kong.

A typical example, according to Maureen Fung Sau-yim, the general manager for leasing at Sun Hung Kai Real Estate, are the opposite sides of Lockhart Road where Causeway Bay Plaza 1 and Causeway Bay Plaza 2 are located.

Direct access to the Causeway Bay MTR station through Causeway Bay Plaza 1 made that side of Lockhart Road vibrant and busy. On the other side, where Plaza 2 is, it is quiet, partly because accessibility is not as good.

The difference in pedestrian traffic flow between the two sides narrowed somewhat after the new owner of Causeway Bay Plaza 2 brought in new restaurants and a 24-hour McDonald's, Fung said.

She said the idea of a yin yang street had been changing as shopping habits shifted from street-level shops to shopping centres. The development of new shopping centres affected the popularity of entire areas now, she said.

The redevelopment of the Russell Street tram depot in Causeway Bay into Times Square in the early 1990s is seen as a typical example of how a new shopping centre development changes yin streets into yang streets.

"The area had become rundown with the depot itself a bit of an eyesore," said Benedict Ma, an associate director of CB Richard Ellis' research department. "However, with the completion of Times Square, that part of Causeway Bay was transformed into a prime retail section of the city, attracting both locals and tourists alike."

Veteran street-shop investor Edwin Leong agreed, saying that Times Square was a focal point in the city. Rents in Russell Street ranked top in Asia and the third-highest in the world, according to Colliers International.

Another example is the area of Kwun Tong, where Sun Hung Kai Properties built its huge office and retail development Millennium City and apm shopping centre.

"Yee On Street, behind the office blocks of Millennium City, was a dead street a few years ago. It came alive as many restaurants opened to cater for the white-collar workers," said Ng Wan-yiu, a manager at Te Fu Property Agency in Kwun Tong. "Rents have jumped from HK$15,000 a month to HK$30,000."

That was an example of how yin changed over time into yang because of changes to shopping and commercial developments in the area.

However, not everyone is as lucky as retailers or shopowners in Yee On Street or Russell Street.

Retailers in Kowloon City were struck a blow after the relocation of the airport from Kai Tak to Chek Lap Kok, Fung said.

Retailers in Peking Road near the junction of Nathan Road and Kowloon Park Drive also have seen their businesses decline since pedestrian subways at the junctions of Austin Road/Canton Road, Kowloon Park Drive/Peking Road and Kowloon Park Drive/Salisbury Road were built. The subways had the effect of diverting traffic away from the former tourist hot spot.

"Tourists seldom come over here [from Canton Road] since the subways were built a few years ago," said Wong Hong-chung, the manager of pearl and jewellery shop International Pearl Centre, which opened in Peking Road 28 years ago. "Even if people or tourists walk through the subways, they will be diverted to the two shopping centres - One Peking and the Sun Arcade.

"We complained to the government when the subway was built, but that didn't help."

Helen Mak Hoi-lun, a senior manager of retail services group at Colliers, said Peking Road was one of Hong Kong's busiest tourist strips and retailers paid high rents. Now some of those shops are vacant.

The big question is which areas of the city will be the next yin and yang sections, benefiting from infrastructure projects or new property developments or suffering from them

"We will see a rejuvenation in Tsim Sha Tsui after years of redevelopment," Ma said.

The works included the widening of the Tsim Sha Tsui East MTR extension and retail development on Nathan Road such as the new ISquare, or former Hyatt Regency, the One, on the former Tung Ying Building site, as well as the K11 retail centre.

This redevelopment would see a refocusing of activity towards Nathan Road, which had been affected by redevelopment and infrastructure works in recent years, said Ma. "With the completion of the works, the new developments are likely to attract curious locals and interested tourists to, in a sense, rediscover the eastern side of Nathan Road."

Fung said infrastructure projects such as the Sha Tin-Central link (running from Tai Wai Station to Central through a new tunnel under the harbour) or the West Rail Line (which starts at Hung Hom Station and ends at Tuen Mun Station) would speed up residential and retail developments in areas along the routes.
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Old January 9th, 2010, 04:24 PM   #60
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