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Li Ka-Shing sells Hong Kong office tower for $5.2 Billion

Property Markets / Transactions

Hong Kong SAR

Nov 02 2017

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PropGo Luxury

Li Ka-shing's CK Asset Holdings has just sold his interest in The Center, the fifth-tallest building in Hong Kong, for $5.2 billion.

That's a record for a commercial property in Hong Kong. CK Asset Holdings said it expects to make a profit of $1.9 billion.

The 73-storey tower in the Central business district is the city’s fifth-tallest, according to the Skyscraper Center.

The tower has 1.2 million square feet of office space, with 13,000 square feet of retail space and 402 car parking lots.

The building, completed in 1998, is an entire steel structure without a concrete core. Its iconic lobby was featured in the Hollywood movie The Dark Knight.

The buyer is C.H.M.T. Peaceful Development Asia Property Limited, an investment vehicle registered in the British Virgin Islands that was created for the purchase.

The sale is the latest move by Li Ka-shing, a self-made billionaire who will celebrate his 90th birthday in July, to unload pricey assets in Hong Kong.

Li presides over an empire that spans ports, telecommunications and retail. But he got his start in property, snapping up real estate that was discounted following riots in Hong Kong in 1967.

SOURCE: PropGoLuxury

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