A property investment group owned by a company in Hong Kong had Irish-based residential and commercial assets worth more than €58 million at the end of 2023 and has continued to accumulate property since, mostly in Dublin, public registers show.
The Collen Investment group of companies is based in the Capel Building on Mary’s Abbey, Dublin 1, but is owned by way of a holding company, Collen Global Investment Ltd, based in Hong Kong.
[ Chinese investors sink large sums into north Dublin propertyOpens in new window ]
The controller of the Hong Kong company, Dublin-resident Yong (Jack) Wu, who is 42, is one of the most active Chinese investors in the Dublin property market, which is seeing a wave of investment from China.
The growing number of investments by Chinese people in Dublin properties is being driven by a desire to seek Irish residency and to find a home for Chinese family money generated by property sales in Hong Kong.
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Wu, with an address on Hill Street, Dublin 1, has been active in the Irish property market for almost a decade, but has seen his portfolio grow sharply in recent years.
His group has been involved in buying property using the BidX1 online property sales service, a LinkedIn profile of one of its executives showed.
Dublin-resident Chinese national Ziyue Sun (30), a former general manager of the Collen Investment group in the city, managed “a diverse portfolio of assets over €100 million including residential, commercial and mixed-use properties and associated accounts," her LinkedIn profile stated.
Her work with Collen involved securing financing for auction property acquisitions, including distressed properties being sold in BidX1 auctions, overseeing city-centre renovations “each around €3 million” and helping resolve disputes including tenancy conflicts, it stated on the profile.
She has “guided property managers through [Residential Tenancy Board] cases, from initiation to successful evictions and rent-arrear recovery, co-ordinated with solicitors on legal proceedings for commercial properties, including peaceful re-entry, and arrears recovery”, the profile said.
One of Yong Wu’s companies, D1 Collection Ltd, saw the value of its property jump from €6.4 million to €20.9 million during 2023. The company has also filed mortgages citing 14-17 O’Connell Street; 13-16 Sackville Place; 4-5 Lowry Abbey Street; 58-59 Middle Abbey Street; and 38-39 Upper Abbey Street, all in Dublin 1; and 121 Patrick Street, Cork.
Another of Yong Wu’s companies, Collen Assets Trading Ltd, incorporated in 2018, had assets of €23 million at the end of 2023, the latest accounts in the Companies Registration Office (CRO) showed.
According to mortgage filings, it owns a unit at Parkwest Industrial Estate in Dublin 12; two units at Parnell Court, Granby Row, Dublin 1; 10 Talbot Street, Dublin 1; 13 apartments at Richmond Hall, Richmond Road, Dublin 3; three apartments at the Hamptons, Santry Cross, Dublin 11; three apartments at The Plaza, Ballymun, Dublin 11; 60 to 61 Middle Abbey Street, Dublin 1; 17 units at Belgard Square West, Tallaght, Dublin 24; 22 apartments at Priory Quay, New Ross, Co Wexford; St Nicholas Church, Cove Street, Cork, which is let to the Office of Public Works (OPW) for office use; 53 Grove Park, Rathmines, Dublin 6; and 95 Dorset Street Upper, Dublin 1.
Another group company, Collen Investment Ltd, was incorporated in 2016 and had assets of €8 million at the end of 2023.
Filings in Tailte Éireann – the Land Registry – and in the CRO show it owns two units at North Park Business Park, Finglas, Dublin 11; 16 apartments at The Charter, Santry Cross, Dublin 11; two apartments at The Plaza, Shangan Road, Ballymun, Dublin 9; a site at Greenogue Business Park, Rathcoole, Co Dublin; six units at Turvey Business Park, Turvey, Donabate, Co Dublin; a site at Park West, Gallanstown, Co Dublin; three units at The Capel Building, Mary’s Abbey, Dublin 7; 55 and 56 Talbot Street, Dublin 1; two apartments at Grangegorman Court, Dublin 7; 12 Harbour Road, Howth, Co Dublin; 43 Upper Rathmines Road, Dublin 6; 170 Lower Rathmines Road, Dublin 6; a unit at Bluebell Business Park, Old Naas Road, Dublin 12; and a property at Oaktree Business Park, Trim, Co Meath.
Another Wu company, Langrishe Property Trading Limited, owns 8 Langrishe Place, Dublin 1; 66 Patrick Street, Cork; and eight apartments at Liberty View, Pim’s Street / Long’s Place, Dublin 8. Two of its subsidiaries own ground-floor units at numbers 67, 68, 69 and 70 Meath Street, Dublin 8, and own 72 Middle Abbey Street, Dublin 1.
[ ‘You feel it is inflating property values’: south Dublin homes targeted by rich Chinese buyers ]
The Collen group has also been involved in dealings with another Dublin-based Chinese investor, Colm Wu (no relation), including the granting of loans from Hong Kong-based Collen Global secured against assets in the Colm Wu property and hospitality group.
Last year Colm Wu told the Sunday Times he worked in this State as a kitchen porter before going on to build a substantial business and property empire using funding from Chinese nationals anxious to make use of the now-closed Immigrant Investor Programme and from loans taken out on assets.
Colm Wu has recently seen his businesses mired in difficulty as funders have appointed receivers and liquidators were appointed, including by the Revenue Commissioners.
Company filings show his ventures have entered into loan agreements in the past three years with Chinese individuals who have residential addresses in south Dublin, including one Chinese man who bought a detached house in Foxrock, Dublin, for more than €4 million in 2022.
Requests for comment from Colm Wu were unsuccessful. Attempts to contact Jack Wu met with no response.
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