Chairman George chops asking price for his building from $138m to $110m

Sai Kung supremo George Ng Sze-fuk has dropped the price of his new Yi Chun St building from $138 million to $110 million, according to an agent. Samson Hon of Midland Commercial said George is no longer willing to rent it.

The bare-shell structure of uninspired architecture stands across the alleyway from The Picture House and opposite Poets. BUZZ last looked at what George wanted for the building exactly a year ago. Then he was asking for $138 million to sell it or $300,000 a month in rent.  Approved for commercial use, it could be a restaurant or pub. The ground floor is 1700 sq ft and the top floor, which has a small terrace, is 1000 sq ft.
George has been political supremo of our district for 24 years as District Council chairman, collecting $98,000 a month in salary and benefits while controlling a $10 million-plus budget. And if Sai Kung has oligarchs, George is an oligarch. He also owns Sing Kee Seafood and Loaf On restaurants, which are just the visible bits of George’s business empire.
George is politically well connected. Sai Kung head of the DAB (pro-China Democratic Alliance for Betterment and Progress of Hong Kong) he is a member of the Chief Executive Election Committee. He has two offices from which he works the levers of power in district politics and business, one on Yee Kuk Street where his new building stands and one at the architecturally inspired Government building housing the Council and the District Office at Hang Hau. George is a Justice of the Peace and holds three Bauhinia Stars, including Gold.