6 August 2014 - Cheuk Nang Holdings (00131) announced that it will launch a tender for the sale of its Wan Chai headquarters, Cheuk Nang Plaza at 250 Hennessy Road, with a bottom price set at HK$880 million. Chairman Cecil Chao Sze-tsung said that Hong Kong's declining competitiveness and worsening governance is forcing him to reduce his local investment.
Chao criticized the Lands Department for delays in approving sales consent on the group's luxury residential project - One Kowloon Peak in Tsuen Wan. He said the project had been put forward for government sales consent in May 2007 and the Lands Department has been refusing to grant approval based on various excuses.
The developer has been fined more than HK$15 million for illegally cutting down about 250 trees on the site in 2010. The firm re-applied for consent in September last year and plans to put the units at One Kowloon Peak on the market by year-end.
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