Sun Hung Kai, Kwok family sell 30 per cent stake in office space at Hong Kong’s most expensive commercial site to Ping An Life for US$1.45 billion
- China’s Ping An Life Insurance will buy the space on top of the West Kowloon high-speed rail station for HK$11.27 billion (US$1.45 billion)
- SHKP won the biggest parcel of commercial land ever sold in the city for a record HK$42.23 billion (US$5.4 billion) in November last year
Sun Hung Kai Properties (SHKP) and its controlling shareholder, the Kwok family, are to sell 30 per cent of the office portion of Hong Kong’s most expensive commercial project.
Ping An Life Insurance will buy the space on top of the West Kowloon high-speed rail station for HK$11.27 billion (US$1.45 billion), SHKP said in a statement on Wednesday evening.
SHKP won the biggest parcel of commercial land ever sold in the city for a record HK$42.23 billion (US$5.4 billion) in November last year.
“Local property firms are unlikely to increase their [borrowing for expansion] in these market conditions, but mainland investors are still keen to invest in Hong Kong,” said Raymond Cheng, head of Hong Kong and China research at CGS-CIMB Securities.
Once the project is completed in five to six years’ time, the office spaces should be sought after by mainland firms which have a strong interest in setting up operations in Hong Kong, he said.
