CHINA-HONGKONG: CHINESE TYCOON FROM SHENZHEN BUYS PROPERTIES AND NEWSPAPER IN HONGKONG
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Bloomberg reported (April 9) that Shenzhen-based Kaisa Group Holdings Ltd.’s Kwok Ying Shing has become one of the most active Chinese tycoons in Hong Kong with numerous new purchases. His moves underscore Chinese elites’ growing influence in the former British colony as its status as a global financial hub shows signs of waning. Kwok Ying Shing's Kaisa group purchased four sites across the city for 7.1 billion yuan ($1.1 billion) in 2020, according to an exchange filing. One of its most recent investments was a 50% stake worth 3.2 billion yuan in a residential land plot in the up-and- coming Kai Tak neighbourhood previously owned by beleaguered businessman Pan Sutong. The family’s ambitions go beyond the property. Kwok Hiu Ting, the patriarch’s daughter who is in her late 20s, agreed to buy a majority stake in one of Hong Kong’s most-circulated newspapers Sing Tao News Corp Ltd. earlier this year. The deal came as a surprise to many since both Kaisa and its young heiress were little known in Hong Kong.
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