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.
Treasury Secretary Grilled On Economic Figures And Foreign Policy. He Refrained From Directly Calling Ukraine An Ally.
Treasury Secretary Scott Bessent emphasized that prices would come down as soon as the Iran war ended, hailed Trump's ec... Read more
More Than Seven In Ten Americans Think The U.S. Is On The 'Wrong Track' Ahead Of The Midterms: Poll
The new poll also showed that Trump's approval rating had sunk to 34%, with more than half of respondents saying they "s... Read more
World Bank Encourages Developing Nations To Embrace 'Small' AI To Accelerate Economic Growth
Paschal Donohoe, the managing director and chief knowledge officer at the World Bank, said that so-called "small AI" cou... Read more
Ukraine Launches Large-Scale Drone Attack On Russia, Defies Trump's Demands To Leave Russian Energy Alone
Swarms of Ukrainian drones hit numerous targets in Russia, including an oil terminal, overnight despite Trump's repeated... Read more
Protests In France Are Becoming Increasingly Violent. Demonstrations Have Now Spread To Other European Countries.
The protests, which began as localized demonstrations against perceived neglect in the French education system, intensif... Read more
Trump Maintains Defiant Message In Kentucky Midterm Rally, Makes Dubious Claims About Republican Popularity
The president held a rally on Saturday in which he touted the supposed successes of his two terms in office, attacked hi... Read more