Hong Kong sale of the world's dearest office building

Hong Kong sale of the world's dearest office building
Hong Kong sale of the world's dearest office building

CK Asset Holdings, controlled by Hong Kong's richest man Li Ka-shing, has sold a 73-storey Hong Kong office tower for $HK40.2 billion ($6.8 billion), which Reuters credits as the world's biggest ever single property sale.

It is being sold to CHMT Peaceful Development Asia Property, a British Virgin Islands-incorporated company, with 55 per cent of the investment coming from Beijing-based China Energy Reserve and Chemicals Group, according to local media, with the rest coming from Hong Kong investors.

The energy company is a unit of state-owned China Overseas holding group.

"The selling price is reasonable ... it's a positive signal to the market and I expect we'll see more large transactions of office buildings in Q4," said Tom Ko, executive director of real estate consultant Cushman & Wakefield.

Australia's biggest single biggest office deal was a 49.9 per cent interest in Brookfield's $1.9 billion Wynyard Place development in Sydney.

Tags: 
Hong Kong Commercial Sales

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