CEO of Hong Kong’s NWD buys company-built flat for US$6.4 million

Echo Huang Shaomei, appointed in November as the second new CEO in two months, purchases 4-bedroom, 1,522 sq ft North Point home

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A view of the historic State Theatre Building in North Point, site of New World Development’s State Pavilia project. Photo: Jelly Tse

Published: 5:00pm, 17 Jan 2025Updated: 5:06pm, 17 Jan 2025

Echo Huang Shaomei, the recently appointed CEO of heavily indebted builder New World Development (NWD), bought a flat for more than HK$50 million (US$6.4 million) in a residential project from her company in Hong Kong’s North Point district.

Huang, appointed in November, bought a 4-bedroom, 1,522 sq ft flat on the 33rd floor of State Pavilia at 283 King’s Road, plus a car-parking space, for HK$54.88 million, according to a filing with the Hong Kong stock exchange on Thursday.

As of Wednesday, 21 residential units and 49 parking spaces in the project were available for presale by way of tender. Tenders for six other residential units and nine other parking spaces had been accepted by the vendor, Orient Sea Investments, an indirect subsidiary of NWD, the filings said.

Huang’s tender was accepted after considering factors including the current market for luxury properties in Hong Kong, the market price and average price per square foot of similar properties near the property and the bidding prices of other accepted tenders for other units at State Pavilia, it said.

“The board is of the view that the sale represents a good opportunity for the group to realise the value of its land reserve and/or properties held by it, generate additional working capital and strengthen the group’s liquidity and financial position,” the filing said.

NWD, controlled by tycoon Henry Cheng Kar-shun, put its units at State Pavilia up for tender on January 11. The first phase of the redevelopment project at the former State Theatre site in North Point comprises 388 units.

The proposed development has a total gross floor area of more than 279,600 sq ft, including a residential portion of around 133,400 sq ft, an office portion of around 75,200 sq ft, and a retail portion of around 47,000 sq ft, according to NWD’s annual report.