Baguio Villas EGM

[Hans]

KIA, were you at the meeting? Anyone else there?

How was the voting results?

[KnowItAll]

Hans - not sure about the results. We left "early" at about midnight while the folks were still debating on various issues.

Must say it was very stormy and unproductive - you just don't get up and call people "crooks and scum" and patronize them by asking to look words up in dictionaries.

By the way, 6 or 7 cop vans and ambulances were called when a 80 year old woman assaulted much younger man.

Overall good entertainment.... wish we'd brought snack boxes as it went on for much longer than expected.

I expect select bits and pieces to be on YouTube for you to view from Germany.

[david20009]

KnowItAll:

Sounds like a rather disagreeable EGM. Would you mind shedding some more light on what went on? What was being debated that was so contentious? Who and why were people being called "crooks and scum".

My interest is a just bought a place in Baguio Villa two weeks ago and just waiting for the transaction to close before I move in.

[KnowItAll]

David - there have been some historical problems with Baguio.

In a nutshell, majority of the shares in Baguio are owned by New World, due to the fact that they own common structures like the parking lots, gas station, shops etc.

They've used these shares to control the owners committee and appoint their own subsidiary as the management company - this is something that most developers do, to continue making money from the properties that they've developed.

The chairman is also a new world employee (I think... not 100% sure).

A group of owners tried to overthrow a number of folks in the owners committee and were voted down by the proxies controlled by New World. This lead to a lot of shouting and in my opinion uncivilized behavior - blame it on mob psychology.

Who did the name calling - one particular barrister who, I guess due to his profession is probably used to being a bully. Surprised me though... not the sort of behavior I'd consider acceptable outside a courtroom.

Which phase are you moving to? Seems like most of the louder complaints were from the lower Baguio stages.

We're in Stage 5 and tend to be oblivious of all the politics going on.

[david20009]

KnowItAll

We bought a flat in Tower 21 (Upper Baguio). It sounds like typical situation here in Hong Kong where the developer appoints their own lacky firm to do the building management and that firm does an awful job.

I say good for some of the residents in Baguio actually trying to do something about it and make some changes. In my current building (not enough expats to cause an uproar) people just suffer through the terrible service and outrageously high management fees.

I am surprised that New World can control the ownership committee as there are 30,000 shares (I think) and with 1,514 units and multiple parking spaces owned by residents I could not see New World having more than 25% of the shares at most. I suppose most people do not bother to vote or give management their proxy vote if my current building is any indication of participation levels by owners.

I am looking forward to moving into Baguio Villa. I think will be nice to be in a more open environment than I am now in Happy Valley.

[KnowItAll]

Its really not all that bad. There have been major improvements here in the last six years that we've lived here.

Baguio is a nice community and unlike a lot of places, most owners live here.

Drop me a note when you move here .. perhaps we can have a drink at the bar in the Meredien when you're ready.

[KnowItAll]

About the shares .. as far as I know, the common parking lots (below the swimming pool / lower baguio), the park N shop area, the playground and even the gas station are owned by New World.

Also, would not surprise me if they owned a number of the existing apartments through their holding companies.

The vote came down to 3K (owners) vs 14K (new world) for the first round.

[david20009]

KnowItAll

I'll drop you a line when I move in and get settled. The large number of owner occupiers was one of the things that attracted me to Baguio. I am looking forward to moving and it sounds like the EGM could be a good source of entertainment.

Interesting to hear how the votes came down. If New World had 14,000 votes they must have gotten a lot of proxy votes (when people were notified of the meeting was their a form stating that you could give the current management your proxy?). Also the two towers owned by the SAR government must have given New World their proxy.

[KnowItAll]

The two towers are not owned by the govt anymore. Most of the flats have been sold. Not a part of Baguio even though they have Baguio Villas on their building names.

I'll dig up the ownership / share division if I can. It was being circulated a few weeks ago.