Date
24 May 2017
Wheelock & Co is the developer of One HarbourGate, a grade A commercial complex in Hung Hom. Photo: HKEJ
Wheelock & Co is the developer of One HarbourGate, a grade A commercial complex in Hung Hom. Photo: HKEJ

Hung Hom prime office tower sold to Chinese firm for HK$5 bln

One HarbourGate’s east tower, a grade A commercial building at 18 Hung Luen Road in Hung Hom, is said to have been sold to a Chinese company for HK$5 billion, or HK$17,900 per square foot, the Hong Kong Economic Journal reports.

The transaction price surpassed that of the adjacent west tower by over 20 percent.

The overseas arm of China Life Insurance Co. Ltd. (02628.HK) acquired the west tower in November last year for HK$5.85 billion, or HK$14,900 per square foot. 

Several Chinese enterprises had reportedly made offers for the east tower. They include Bank of Communications Co. Ltd. (03328.HK), Industrial and Commercial Bank of China Ltd. (01398.HK), Fosun International Ltd. (00656.HK) and HNA International Investment Holding Ltd.

The developer of the twin buildings, Wheelock and Co. Ltd. (00020.HK), said it was in talks with the buyer regarding details of the transaction. 

Over the past six months, Chinese enterprises have snapped up four prime office buildings, including the east tower, for more than HK$33 billion.

[Chinese version中文版]

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