Monday, 18 November 2013

Finally a Donation

Lee Shau-kee has donated land for a Tuen Mun nursing home
Henderson Land chairman Lee Shau-kee must be really desperate to leave his legacy because he has been so persistent in wanting to donate land to Hong Kong that he finally got his wish.

Lee, 85, donated 100,000 square feet in Lam Tei in Tuen Mun to build a 2,000-bed nursing home for the elderly. Currently a car park, the space will be conveniently located next to Pok Oi Hospital. The nursing home is expected to be in operation by 2017.

While the land comes from the company, the tycoon also donated HK$107 million, the equivalent of the land price and the land premium needed to rezone the area into community use. He donated the money to Henderson Land as a personal donation.

Earlier this year Lee tried to donate land to the government to build 1,000 small flats for about HK$1 million each on farmland in Yuen Long. However the Hong Kong government rejected it, saying he should approach such non-governmental groups as the Housing Society instead. Discussions are still on going with the society.

We're still trying to figure out why this need to donate land... with the Yuen Long site, it is understood Henderson Land owned plots near the farmland he would have donated so it would have raised the property value of the area.

But here we shall find out if there are some strings attached or some trick up his sleeve, but so far, it looks pretty much above board.

Tuen Mun has a large number of elderly residents so the nursing home will be put to good use.

Maybe Lee is keen to be the anti-Lee Ka-shing?


3 comments:

  1. PR effort. "Look, I'm donating land for this good thing, so it must be a bad thing I'm being stopped from donating in Yuen Long. Let me donate there too!" (so I can set a precedent for urbanizing Yuen Long and build something nice and profitable there, making far more money than the donations cost me.)

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    1. HI Anonymous -- Many see that as his strategy for Yuen Long but it was for young people... maybe donating land for nursing homes is the golden ticket?

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