Hong Kong office property landlords race to sell as mainland buyers push up prices
The yuan’s slide is fuelling Chinese investors’ appetite for commercial space in Hong Kong
Landlords of office properties in some of Hong Kong’s less upmarket areas are rushing to dispose of their assets in a bid to take advantage of a buying frenzy by mainlanders, according to agents.
International property consultant CBRE said it has been appointed as the joint agent for the disposal of a basket of commercial properties in Wan Chai Commercial Centre on Johnston Road, Wan Chai, by public tender. The estimated market value is around HK$450 million.
Buyers can consider purchasing the whole lot or a portion of the available office space.
The basket of properties consists of Shop C on the ground floor, and the whole of the second floor, seventh to ninth floors, and sixteenth to eighteenth floors. In addition, one third of the basement, the rear flat roof on the fourth floor, and the upper roof will be sold.
Meanwhile, Colliers International said it is acting on behalf of owners to sell a whole office tower in Wan Chai.
Strata-titled properties - those that are individually owned but share some common facilities - are now changing hands at record-high unit rates after a number of non-Grade A office buildings sold at prices approaching the Central Grade-A office market average, according to Denis Ma, head of research at JLL in Hong Kong.
