Hong Kong property
More than 240 owners at Hong Kong's fire-ravaged Wang Fuk Court petitioned the government-appointed administrator Hop On Management Company in late April for an extraordinary general meeting. They warned of legal action at the Lands Tribunal if it is not held within 45 days, as required by the Building Management Ordinance. The petition, signed by 247 owners or 12.45% of units, exceeds the 5% threshold.
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Hong Kong developer New World Development has stepped back from consolidating three commercial sites in Causeway Bay due to high costs and patchy demand. The firm, which is selling assets to cut debt, said it would exercise prudence regarding costs, efficiency, and market conditions to deliver reasonable returns. Analysts describe a two-speed recovery in the city's commercial property market.