HONG KONG, HK and VANCOUVER, BC, June 8, 2017 /CNW/ - KRC Land and Development Co. (KRC Co.) and NG Enterprise Holdings Ltd. (NG Holdings), today announced that they have reached an agreement for KRC Co. to acquire select real estate assets from NG Holdings in Hong Kong, HK and Vancouver, BC, Canada. The purchase of more than 120,000 square feet of developed commercial property in Vancouver along with undeveloped land in Hong Kong has been made via an all cash deal of sixty-five million ($65 million) US Dollars. The acquisition will build on KRC's position as one of the largest single commercial private land holders in Vancouver, Canada.
"This acquisition will further KRC's ability to bring our investors and partners solid capital return and fill our development pipeline over the next five years in Hong Kong. Our offering in Vancouver now is amongst the most diversified in the region," said Steve Jeung King Yang, CEO, KRC Land and Development Co.
"I am very pleased by the sale. The timing is good as I look to diversify into other areas of business and innovation," said Gary Ng, Chairman and CEO of NG Enterprise Holdings Ltd. " KRC's extensive breath of knowledge and expertise will enhance the communities in which they operation and I am very happy to pass on the torch to new stewards. For me, the sale will free up a significant amount of capital and time for me to seek out new global opportunities."
"Mr. Ng's foresight has been legendary in the industry even though he is still very young compared to his peers. While accumulating blocks of properties strategically and quietly, Mr. Ng has been able to piece together entire parcels of land for over a decade which now has returned incredible multiples," said Robbie Chung, Executive Vice-President, UBS Singapore, banker to the acquisition. "His intuition is exceptional."
About NG Enterprise Holdings Ltd:
A wholly owned limited company with investments in Hong Kong, Singapore, China, Canada, United States, and England.
About KRC Land and Development Co.:
Founded in 1978 as a holding company, KRC has grown via its numerous subsidiaries that include a structural and environmental consulting firm, real estate development, real estate management, and capital investment. KRC has investments in Canada, Hong Kong, and United States.
About Mr. Gary Ng:
Born in Canada, Mr. Ng is an entrepreneur, investor, and leader of numerous companies. Earning two bachelor's degrees in Science and Commerce, and served in the Canadian Army Reserves, Mr. Ng has been recognized as one of Canada's Top 40 Under 40, EY Entrepreneur of the Year, UM Leader of Tomorrow, Canadian Merit National Scholar, and Canadian Millennium Scholar. His community leadership has also been recognized by numerous citizenship awards presented by the City of Vancouver, City of Winnipeg, and City of Mississauga. Mr. Ng enjoys travelling, is a prolific writer, and has also guest lectured on modern commerce and game theory at Harvard, Stanford, Oxford, and Queens University.
About Mr. Steve Jeung King Yang:
Mr. Yang received his Masters of Business Admin from Princeton University and worked for his father's company for five years in various design and administration roles before taking over the family business as CEO. For the last 18 years, Mr. Yang has grown the family portfolio to over one billion dollars in transactions globally. Mr. Yang is very active in the community and sits on various boards of charities in both Hong Kong and Vancouver.
SOURCE KRC Land and Development Co.
For further information: Steve Yang, CEO, KRC Land and Development Co., 604-210-5921