Walter Kwok building property holdings in Hong Kong

His Empire Group has invested some HK$7bn into the city’s real estate sector since its creation in 2010

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Walter Kwok Ping-sheung, chairman of Empire Group, reveals details of its first majority-owned development, in Tseung Kwan O, on Tuesday: Photo: Edmond So

Published: 5:57pm, 11 Oct 2016Updated: 10:57pm, 11 Oct 2016

Walter Kwok Ping-sheung, the former chairman of Sun Hung Kai Properties, (SHKP) says his flagship holding company Empire Group Holdings is growing its property investments in Hong Kong as the city’s outlook remains promising, driven by strong mainland demand.

Kwok said an easing in the regulatory approval processes for outbound investment, as part of China’s “going out” policy, has played a vital role in building mainland capital outflows.

“Mainland capital is looking for investments offshore and as an international financial centre next to mainland China, Hong Kong will benefit from the move,” he said.

As a growing number of local mainland governments introduce measures to cool their sizzling property markets, analysts expect more Chinese investors to diversify their holdings, and plug more into Hong Kong,

Kwok said Empire has already invested some HK$7 billion into the city’s real estate sector since its creation in 2010, and he expects more investment in future as “Hong Kong’s property market continues to perform well”, he said.

Two years after Empire was created, it joined forces with Lai Sun Development to develop a residential project, now known as Alto Residences, in Tseung Kwan O.

Empire also teamed up with Cheung Kong Property Holdings to jointly develop The Zumurud residential development in Ma Tau Kok.