Fu Family Expands Property Portfolio with Acquisition of CHI 138 Hong Kong Serviced Apartments
The family of late Macau casino magnate Fu Tak-iam has expanded its significant Hong Kong real estate holdings with the acquisition of CHI 138, a 107-unit serviced apartment property in the bustling Wan Chai district. The deal, valued at approximately HK$550 million (US$71 million), was finalized through Pleasure Properties, an entity linked to the influential Fu family.
Key Takeaways
- The Fu family, known for its historical ties to Macau's gaming industry and a strong presence in Hong Kong real estate, has purchased the CHI 138 serviced apartment building.
- The acquisition price for the 107-unit property located in Wan Chai was HK$550 million (US$71 million).
- This move signals a continued strategic reinvestment of capital into Hong Kong's property market by the Fu descendants.
Strategic Property Investment
Pleasure Properties, with several members of the Fu family, including grandson Adrian Fu Hua-chak, listed as directors, completed the purchase of CHI 138. The property, situated at 136 Johnston Road and 2 Stone Nullah Lane, comprises studio to three-bedroom units. These units range in size from approximately 290 to 2,400 square feet, with monthly rents reportedly between HK$23,000 and HK$150,000. The transaction values each unit at an average of about HK$5.14 million.
A Legacy in Real Estate
Fu Tak-iam, once the holder of Macau's gaming monopoly, passed away in 1960. His descendants have since transitioned from the casino sector, channeling their investments into Hong Kong's dynamic property market. Notably, Fu's eldest son was instrumental in founding the Furama Hotel, which was later redeveloped into the prominent office tower, AIA Central. This latest acquisition underscores the family's enduring commitment to property investment.
Market Context
The acquisition of CHI 138 occurs at a time when investors are showing increased interest in the rental residential sector, which is seen as a stable income-generating asset class. This trend is occurring as the traditional office market faces pressures from oversupply and geopolitical uncertainties. Hotels and serviced apartments have emerged as attractive alternatives, drawing significant investment attention. The Hong Kong property market, in general, has shown signs of recovery, with residential segments leading the upturn.
Sources
Filed under
The Moveandstay editorial team writes about serviced living, workspaces, and city guides across Asia-Pacific.
