Lofter Group Ousted as Project Manager Before Founder's Death; New Company Takes Over Prince Edward Property
HK01 · 1 SOURCESabout 3 hours ago5 MIN
Summary
A Prince Edward residential development project has undergone major corporate restructuring, with Lofter Group removed as project manager months before the death of its founder and chairman Chow Pui-yin in May. The new operating company, One Edward Development Ltd, has taken over the project, which now carries the revised name One Edward (太子壹號). According to project director Billy Kwong, Lofter's equity stake has been reduced to just 1.5% amid a dispute over project management and financial matters dating back to mid-2023.
Key Points
- Three project-selling companies dismissed Lofter Group as project manager in February 2024, before Chow Pui-yin's death, and established One Edward Development Ltd in March to manage development and sales .
- The late Lofter founder Chow Pui-yin took her own life in May, and the project's new official website has been completely delinked from any reference to Lofter Group .
- Project director Billy Kwong stated the project's total investment exceeds HK$1 billion, involving over 100 investors, with Lofter holding only 1.5% equity through a subsidiary .
- The development comprises 139 units with saleable areas ranging from 192 to 487 square feet, covering studios to three-bedroom units, plus 13 platform and rooftop特色 units .
- Renowned investor Yam Tak-cheung, nicknamed the "Hong Kong Stock God," is a creditor through his company Brilliant Port Finance (Asia), while the project maintains financing support from Chong U Bank .
Why It Matters
The restructuring of this Prince Edward development highlights how corporate governance disputes can accelerate changes in Hong Kong's property landscape, especially when founding principals pass away unexpectedly. The involvement of high-profile investors like Yam Tak-cheung signals continued confidence in Hong Kong's residential market despite challenging economic conditions, and the shift from Lofter's management may set a precedent for how family-run developers handle succession and operational control in future projects .
The restructuring of this Prince Edward development highlights how corporate governance disputes can accelerate changes in Hong Kong's property landscape, especially when founding principals pass away unexpectedly. The involvement of high-profile investors like Yam Tak-cheung signals continued confidence in Hong Kong's residential market despite challenging economic conditions, and the shift from Lofter's management may set a precedent for how family-run developers handle succession and operational control in future projects .