Hong Kong toy king makes Australia real estate play

The Choi family is cashing out of premium properties in its hometown to invest HK$10 billion ($1.3 billion) into Australia’s property market.

When Karson Choi returned to Hong Kong a decade ago after studying in the US, his billionaire father tasked him with overseeing the refurbishment of Kowloon City Plaza, a tired shopping mall the tycoon family acquired from Morgan Stanley amid the 2008 financial crisis.

By sprucing up the tenant mix, introducing a 60,000-square-foot auto plaza, and even changing the colour of the restrooms, Choi transformed the ten-storey complex into a shopping landmark that yields an annual rental income of HK$150 million $19.2 million.

His efforts have paid off last month, the family sold the complex to a mainland Chinese businessman for HK$5 billion...

¬ Haymarket Media Limited. All rights reserved.

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