Record $5.2bn sale of The Center shows Hong Kong commercial property market still hot
Hong Kong — Li Ka-Shing’s CK Asset Holdings agreed to sell its stake in The Center for HK$40.2bn ($5.2bn), setting a record for a Hong Kong office tower and showing that the city’s commercial property market remains red hot. CK Asset’s gain will be about HK$14.5bn, the company told Hong Kong’s stock exchange late on Wednesday. State-owned China Energy Reserve and Chemicals Group owns 55% of the purchaser, with Hong Kong individuals accounting for the rest, local media reported. The deal suggests that September’s scrapped sale of the Excelsior hotel in Causeway Bay was an exception, rather than a sign of a cooling market. LVGEM (China) Real Estate Investment last month announced the HK$9bn purchase of a building from Wheelock. Earlier this year, Henderson Land Development paid HK$23.3bn for the first commercial land sold by the government in the Central district in more than 20 years. The Center sale gives CK Asset, which has changed its name from CK Property, extra cash as it divers...
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