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Tag: prince

  • Hong Kong Luxury Real Estate Shuffle: Prince Jewellery Director Trades up with $6.4M Duplex Purchase

    Hong Kong Luxury Real Estate Shuffle: Prince Jewellery Director Trades up with $6.4M Duplex Purchase

    Tang Yick-ki, a director of Prince Jewellery and Sky Regal Properties, has recently engaged in significant real estate transactions in Hong Kong. He sold an apartment in Kowloon and obtained a two-story home in the vicinity for HKD50 million (US$6.4 million). These deals were completed in just over a month.

    Real Estate Transactions

    Tang sold his three-bedroom apartment, boasting 95 square meters of living space, located on the 71st floor of The Cullinan on Austin Road West in West Kowloon. The selling price was HKD46 million (US$5.9 million). Land Registry records confirmed the deal was finalized on January 5. Tang originally bought the apartment in 2016 for HKD32.5 million, meaning the property has increased in value by 41% in the intervening years.

    Roughly three weeks after this sale, Sky Regal Properties, where Tang serves as the sole director, purchased a duplex in The Waterfront, a residence within the same vicinity. According to the Land Registry, the transaction was completed last week for a cost of HKD50 million. Real estate agents specified that the duplex is 145 square meters and situated on the 45th floor.

    Prince Jewellery and the Hong Kong Property Market

    Prince Jewellery, with a 40-year history in Hong Kong, operates 16 retail stores and hosts over 60 globally recognized brands. The company’s recent real estate transactions come at a time when the Hong Kong property sector is gradually recovering from a prolonged slump. Despite persisting uncertainties, affluent homeowners like Tang are anticipated to continue seeking home upgrades.

    Some industry experts indicate that wealthier residents may choose to improve their current residences. However, this trend might not extend to those who invest in properties purely for financial gain. Additionally, home upgrades tend to become more popular during periods of market instability.

    Land Registry records also showed that another duplex in The Waterfront was sold for HKD50 million last week. The property was acquired by an entity known as Tung Tak, which had purchased it for HKD48.8 million in 2023.

    Questions & Answers

    What recent real estate transactions has Tang Yick-ki engaged in?
    Tang Yick-ki, a director of Prince Jewellery and Sky Regal Properties, has recently sold an apartment in Kowloon and bought a two-story residence nearby for HKD50 million.

    How is the Hong Kong property sector performing currently?
    The Hong Kong property sector is gradually emerging from a prolonged downturn. Despite ongoing uncertainties, affluent property owners are expected to pursue property upgrades.

    What is the trend concerning home upgrades in Hong Kong?
    Home upgrades tend to become more popular during periods of market instability. However, this trend might not apply to those who acquire property solely for investment purposes.

  • Iconic Prince Coffee House in Singapore Bids Farewell After Half a Century of Serving Delightful Chinese Cuisine

    Iconic Prince Coffee House in Singapore Bids Farewell After Half a Century of Serving Delightful Chinese Cuisine

    The iconic Prince Coffee House, a renowned Chinese restaurant in Singapore, has announced its upcoming closure, marking the end of its half-century-long service. According to the proprietor, Jimmy Lim, the decision to cease operations emerges from his decision to retire. At nearly 90 years of age, Lim has been at the helm of the restaurant’s operations for the past fifty years.

    Scheduled to shutter its doors by mid-2026, the closure coincides with the expiration of the establishment’s lease in July of that year. Lim admits his inability to withstand the strenuous twelve-hour work schedule, a factor significantly contributing to his retirement decision. Additionally, the future of Prince Coffee House remains uncertain, with Lim’s children showing no interest in perpetuating the family business.

    A Glimpse into the Past

    The coffee house, which began its journey at Shaw Towers during the mid-1970s, owes its name to the now-extinct Prince Cinema that previously resided within the same complex. The restaurant’s illustrious past is visible through photographs adorning its walls, capturing memories of numerous celebrities who dined there during its peak years.

    After a thirteen-year tenure at Shaw Towers, the establishment relocated to Coronation Plaza located in Bukit Timah. It continued to serve its customers there for a period of 21 years before moving to its present location on Beach Road nearly a decade and a half ago.

    A Tradition of Excellence

    Despite these numerous relocations, the Prince Coffee House has maintained a steady influx of patrons. Over the years, due to rising costs of living, the restaurant has adjusted its prices periodically, evidenced by layers of updated prices, handwritten and taped over previous ones.

    However, the fare offered has remained consistent over the years, with dishes like oxtail stew and beef hor fun continuing to be customer favorites. Adding to the charm of the restaurant, the plates utilized for serving have a history of their own, with some dating back to the 1970s.

    When queried about his post-retirement plans, Lim expressed his intent to continue his passion for cooking but in the comforts of his home and at his wife’s behest.

    Questions & Answers

    What is the reason for the closure of the Prince Coffee House?
    The owner, Jimmy Lim, has decided to retire due to his advancing age and the demanding nature of running the restaurant.

    When is the Prince Coffee House expected to close?
    The restaurant is scheduled to cease operations in the middle of 2026 when its lease expires.

    What will Jimmy Lim do after the restaurant closes?
    Jimmy Lim plans to continue his love for cooking but will do so at home, focusing on his wife’s culinary needs.

  • Panic withdrawals hit Cambodia’s Prince Bank after owner Chen Zhi accused of running Southeast Asian cybercrime empire

    Panic withdrawals hit Cambodia’s Prince Bank after owner Chen Zhi accused of running Southeast Asian cybercrime empire

    Following allegations of operating a multinational scam and money laundering network, Prince Bank owner Chen Zhi has elicited panic among customers in Cambodia. There has been a significant surge in account holders rushing to withdraw their funds from the embattled bank.

    Mass Withdrawals and Public Discontent

    On Saturday morning, throngs of account holders crowded outside Prince Bank’s main branch in Phnom Penh to retrieve their savings. Transactions were temporarily suspended at several other branches due to inadequate funds. Increasing public frustration was evident when customers found themselves unable to access Prince Bank’s website and mobile application.

    Hoping to assuage their customers’ fears, the bank issued a statement encouraging patience, assuring that their services were functioning normally despite facing a barrage of public complaints.

    The bank statement read, “The measures from the U.S. Treasury’s Office of Foreign Assets Control will not impact the bank’s operational ability. We continue to manage all our customer relationships with sincerity and transparency.”

    International Sanctions Trigger Panic

    The catalyst for the wave of withdrawals was an announcement on October 14 stating that sanctions had been imposed on Prince Holding Group (the parent company of Prince Bank) and its founder and chairman, Chen Zhi. These sanctions were implemented by the U.S. Department of Justice, the U.S. Department of the Treasury, and the British government.

    Chen has been charged with fraud and money laundering by the U.S. government, which resulted in seizing more than US$15 billion in Bitcoin, allegedly laundered by Chen and Prince Holding Group. This is a landmark case, representing the largest asset forfeiture in the history of the Department of Justice. If Chen is found guilty, he could face a prison sentence of up to 40 years.

    Additionally, the U.K. government imposed sanctions on Golden Fortune Resort World, which operates the Prince Compound near Phnom Penh. It also added the Jinbei Group, which is linked to Prince Holding Group via its hotels and casinos, and the digital currency platform Byex Exchange to its sanctions list.

    Both governments have accused Chen of leading a transnational criminal network, swindling victims worldwide, and exploiting trafficked workers across Southeast Asia.

    National Bank of Cambodia Reassures Depositors

    In an effort to alleviate depositor anxiety, the National Bank of Cambodia assured that customer accounts are functioning normally and remain secure. It emphasized that banks are legally mandated to maintain sufficient liquidity to meet depositors’ demands.

    Questions & Answers

    What prompted the rush to withdraw money from Prince Bank?
    The rush was triggered by allegations against the bank’s owner, Chen Zhi, accusing him of running a transnational scam and money laundering network.

    What actions have been taken against Chen Zhi and Prince Holding Group?
    The U.S. and U.K. governments have imposed sanctions on Prince Holding Group and its founder, Chen Zhi. The U.S. government has also charged him with fraud and money laundering, seizing over US$15 billion in Bitcoin that Chen and Prince Holding Group allegedly laundered.

    How has the National Bank of Cambodia responded to the situation?
    The National Bank of Cambodia has reassured depositors that customer accounts are functioning normally and remain secure. It also emphasized that banks are legally obligated to maintain sufficient liquidity to meet depositors’ demands.