Fat Jong Temple jumps on tech bandwagon, buys Tencent shares

May 12, 2014 15:32
Fat Jong Temple operates a private columbarium, which could be a rich source of funds. Photo: Mini Yoshi, Flickr

Fat Jong Temple, one of Hong Kong's main Buddhist temples located in Tsz Wan Shan, is said to have acquired 21,000 shares of Tencent Holdings Ltd. (00700.HK) at HK$510.50 a share for HK$10.725 million on Feb. 4, the Hong Kong Economic Times reported Monday, citing records from Computershare Hong Kong Investor Services Limited.

Tencent soared to HK$646 a share in February, which would have translated to a book profit of HK$2.85 million for the temple.

Fat Jong Temple is thought to be rich in cash as it operates a private columbarium. According to the Development Bureau, there are 276.5 square meters of land set aside for the columbarium's operation. The temple has so far set up 5,437 niches for sale to the public.

The Development Bureau once pointed out that the space used for the private columbarium exceeded what was allowed in the deeds. The temple is reportedly applying for the right to operate additional niches.

Tencent closed at HK$478.8 per share on Friday, May 9, translating to a book loss of HK$665,700 for the temple.

Representatives of the temple were not available for interviews, the report said.

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