WANG ON PPT plans to establish a joint venture to acquire a property in Hong Kong
WANG ON PPT and Wang On Group announced that on July 31, 2025, they will establish a joint venture through their wholly-owned subsidiary Prime Resonance with ADPF Oregon and Harmonia Crest Limited to acquire properties located in Hong Kong. The properties include land in Kowloon and the currently operating "Yue Yi Hotel • Mong Kok." This move will leverage WANG ON PPT's expertise in property investment and asset management, enhance the investment property portfolio, and bring operational profit sharing
According to the Zhitong Finance APP, Wang On Properties (01243) and Wang On Group (01222) jointly announced that on July 31, 2025, Prime Resonance, an indirect wholly-owned subsidiary of Wang On Properties, has entered into a shareholders' agreement with ADPF Oregon and the joint venture company Harmonia Crest Limited regarding the establishment of a joint venture for the acquisition of the property.
It is reported that the property is a whole piece of land registered with the Hong Kong Land Registry as Kowloon Inland Lot No. 9849, Kowloon Inland Lot No. 9725, and Kowloon Inland Lot No. 10232, along with the premises built on it, currently known as 60 Portland Street, Kowloon, Hong Kong (formerly known as 54, 56, 58, and 60 Portland Street), which operates hotel business under the brand name "Yuxi Hotel • Mong Kok."
The announcement stated that collaborating with ADPF Oregon under the shareholders' agreement presents a good opportunity to leverage Wang On Properties Group's knowledge and expertise in property investment and asset management, and to work with an experienced investor to enhance and expand the investment property portfolio, while bringing operational profit shares from the joint venture company to Wang On Group and Wang On Properties Group. With the experience of ADPF Oregon and Wang On Properties, this property represents a good opportunity to expand their property portfolio
