London-based property group Capital & Counties (CapCo) is in talks with one of Hong Kong’s wealthiest families, the Kwoks, to provide funding for the redevelopment of London’s Earls Court site, according to reports in the Financial Times.
The Kwok family, ranked second wealthiest in Hong Kong in 2009 by Forbes, control property company Sun Hung Kai Properties, founded by Kwok Tak Seng in 1958. Eldest son Walter Kwok took over as chairman of the company following his father’s death in 1990. Together with brothers Thomas (pictured) and Raymond, the family control more than 40% of the property company.
The Kwok family has been involved in a number of big property ventures in Hong Kong, and reports say that this possible joint venture with CapCo is a way to diversify the family wealth away from Hong Kong. The UK-based company is in talks directly with the family.
CapCo acknowledged through a statement that it has received interest from various parties for a joint venture for Earls Court site revamp, but said that all discussions were only at a preliminary stage. If the development goes ahead, it could be potentially one of London’s biggest redevelopment projects.
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