Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Vaccine tycoon spends US$1.3 million on Hong Kong parking bay

Vaccine tycoon spends US$1.3 million on Hong Kong parking bay

Qiu Mingjing, whose stake in Beijing Wantai Biologicial Pharmacy Enterprise is worth US$190 million, was revealed as the buyer of the space at the deluxe Mount Nicholson development.

Mount Nicholson is famous for its exorbitantly expensive parking spaces.

A wealthy shareholder in vaccine maker Beijing Wantai Biologicial Pharmacy Enterprise, has forked out HK$10.11 million (US$1.3 million) for a parking space at the exclusive Mount Nicholson on The Peak.

Qiu Mingjing’s identity was revealed by records filed to the Land Registry on Friday, two days after it emerged that textile tycoon Poon Ho-tak paid a world record HK$11.9 million for another parking bay at the super-deluxe development. Qiu’s purchase was 15 per cent cheaper than Poon’s.

Qiu is a big investor in Hong Kong property.

Last year, she bought a 4,596 square-foot apartment at Mount Nicholson for HK$533 million, or HK$116,000 per sq ft.

Then last month she bought nine units at The South Land project at Wong Chuk Hang Station, the first residential project to be built on top of an MTR station on Hong Kong Island in three decades, for a total of HK$240 million.

Qiu is the sixth-largest shareholder of Shanghai-listed Beijing Wantai with 4.8 million shares, or a 1.1 per cent stake, according to the firm’s 2020 annual report. Her shares would be worth 1.2 billion yuan (US$190 million) at Friday’s closing price of 252.1 yuan.

Founded in 1991 and developed from a small laboratory, Beijing Wantai Biological Pharmacy is one of the largest Chinese manufacturers of in-vitro diagnostic tests and is a leader in the field of blood transfusions and infectious immunology. Its headquarters is in Beijing’s Zhongguancun Life Science Park.

The firm, in which China’s richest man Zhong Shanshan is a majority owner, debuted on the Shanghai Stock Exchange in 2020. Zhong, the founder and chairman of the Nongfu Spring drinks company, holds a fortune worth US$68.5 billion, according to Bloomberg’s Billionaires Index, and was briefly Asia’s wealthiest person.

Last month, the developers Wharf (Holdings) and Nan Fung Group sold 29 parking spaces in phase two and three of Mount Nicholson through a closed tender to homeowners, with indicative prices of HK$8.8 million to HK9.5 million each. The parking bays were sold to the highest bidders.

The eye-watering prices are being supported by demand for cars as people give public transport a miss during Covid-19, according to Alkan Au, senior director of valuation advisory services at JLL in Hong Kong.

“We believe the current economic slowdown mainly affected the lower income group, not the middle class or higher income groups. People are even keen to own a car to maintain social distancing instead of taking public transport under the pandemic,” said Au.

In the first five months of this year, 4,421 parking bays changed hands, up 11.8 per cent from the whole of the second half of 2020, according to Midland Realty.

The total transaction value reached HK$8.1 billion in that period, compared to HK$12.9 billion for the whole of last year, said Midland.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
×