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Plans for the development of Tin Shui Wai had been submitted to the Government department concerned and the company was maintaining close contacts with the Government.
Recent rumours in the stock market about changes in the shareholdings of the company were unfounded. Its shareholders, including China
Resources (華潤公司), Trafalgar Housing Limited ( 大寶地產有限
公司)Cheung Kong (Holdings) Limited (長江實業有限公司) and Wheelock Marden and Company Limited (RAD ), fully supported the development plans and construction work in Tin Shui Wai was in progress.
China Construction & Finance Company Limited
Kiu Kwong Investment Company
It was reported on April 2, 1981 that a finance company called China
Construction & Finance Company Limited (RAD), which was fully owned by the Bank of China (BC), had bought the Tai Ping Theatre building in Shek Tong Tsui in Western for $55 million. The purchase, conducted through a third company, Yithan Company Limited, was the first property investment project undertaken by the finance company.
Tai Ping is one of the oldest theatres in the urban area. Situated at Queen's Road West, the theatre has an area of 1 800 square metres. This means that the price of the site is about $29 000 per square metre.
Yithan Company Limited was set up in June 20 last year. The BC-owned finance company owned 70 per cent of its shares, while the other 30 per cent was owned by Kiu Kwong Investment Company (£*ĦRAJ), which was also a China-financed company.
The managing director of Kiu Kwong, Mr. Leung Sun, confirmed that his company and the BC-owned finance company had jointly bought the Tai Ping Theatre building. They planned to pull down the cinema and put up a residential/commercial complex on the site. But details of the development plan were still being studied.
Apart from developing the Tai Ping site, Kiu Kwong was also moving into the field of high-class residential development in a big way. One of the projects was to pull down an old building at 27-29 MacDonnell Road and to put up a 24-storey residential block on the site. The building would have two units on each floor, with each unit measuring 350 square metres. Based on the current price level of flats in the Mid-levels, the block would be worth about $270 million after completion. Another building project was to develop lot 113 in New Street. The existing building on the site would be pulled down to make way for a new six-storey commercial/residential complex. The ground floor of the new building would be used as a shopping complex. Each residential unit would measure about 48 square metres.
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