Historic North Point Theatre Sold For HK$4.7 Billion
"); jQuery("#212 h3").html("
"); jQuery(document).ready(function() { jwplayer.key='EKOtdBrvhiKxeOU807UIF56TaHWapYjKnFiG7ipl3gw='; var playerInstance = jwplayer("jquery_jwplayer_1"); playerInstance.setup({ file: "https://newsstatic.rthk.hk/audios/mfile_1553617_1_20201008183441.mp3", skin: { url: location.href.split('/', 4).join('/') + '/jwplayer/skin/rthk/five.css', name: 'five' }, hlshtml: true, width: "100%", height: 30, wmode: 'transparent', primary: navigator.userAgent.indexOf("Trident")>-1 ? "flash" : "html5", events: { onPlay: function(event) { dcsMultiTrack('DCS.dcsuri', 'https://news.rthk.hk/rthk/en/component/k2/1553617-20201008.mp3', 'WT.ti', ' Audio at newsfeed', 'WT.cg_n', '#rthknews', 'WT.cg_s', 'Multimedia','WT.es','https://news.rthk.hk/rthk/en/component/k2/1553617-20201008.htm', 'DCS.dcsqry', '' ); } } }); }); });
2020-10-08 HKT 13:06
Share this story
The historic State Theatre Building in North Point has been sold at auction for HK$4.77 billion.
New World Development won approval for the sale after taking majority ownership of the building, and is a record high for a compulsory auction in Hong Kong.
The approved reserve price is 53 percent higher than the 2018 valuation of HK$3.117 billion.
The State Theatre Building is a commercial and residential project that was completed in 1959, and is a grade one historic building, meaning "every effort should be made to preserve it".
Responding to the news, New World Development said it would start a conservation plan for the building, and do its best to restore the historical features of the theatre, including the concrete arches above the building’s roof.
Charles Chan, the managing director for Savills Valuation and Professional Services Limited who was in charge of the auction, said the schedule for developers to apply for forced auctions has been affected this year because of the pandemic.
But, with courts slowly resuming operations, he said that schedule will gradually recover.
However, with the current uncertainties in the real estate market, Chan said he expected developers to be more cautious with their bids.
HKMA Warns Of Fake Stablecoins As Licensed Issuers Have Yet To Launch Tokens
The Hong Kong Monetary Authority (HKMA) has warned the public about fake stablecoins in Hong Kong, specifically flaggin... Read more
Tazapay Secures Money Service Operator License In Hong Kong
Singapore-based cross-border payments company Tazapay has secured a Money Service Operator (MSO) license in Hong Kong. ... Read more
Livi Bank Posts First Full-Year Profit In 2025 As Loans Rise 49%
Hong Kong digital bank livi bank reported a full-year profit of HK$21 million for 2025. For the year, total operating i... Read more
FWD Group Reports US$720M In New Business Sales As Expansion Continues
FWD Group reported a 4% year-on-year increase in new business sales to US$720 million for the first quarter of 2026, dr... Read more
WeLab Bank 2025 Revenue Hits HK$942M After Securing First-Half Profitability
WeLab Bank achieved profitability in the first half of 2025 and reported a 35% year-on-year revenue increase to HK$942 ... Read more
Ripple And Kbank Roll Out Institutional Digital Asset Wallet In South Korea
Ripple has partnered with Kbank to deploy an institutional digital asset wallet in Korea, equipping the internet bank w... Read more