by Staff Writers
Hong Kong (AFP) Oct 16, 2017
A landmark skyscraper owned by Hong Kong's richest man Li Ka-shing has sold for a record of more than $5 billion, a report said Monday, indicating that the city's booming property sector shows no sign of slowing down.
Li's CK Asset sold its 75 percent stake in The Centre, which is located in the city's bustling Central district, to a consortium led by a Chinese energy firm, the Hong Kong Economic Journal said, citing unnamed sources.
The city's fifth tallest skyscraper would become Hong Kong's most expensive commercial building ever sold if the HK$40.2 billion (US$5.15 billion) deal goes through, the paper reported.
The sale would surpass a transaction earlier this year, where a prime commercial lot -- occupied by a multi-storey car park also in Central -- was sold off for HK$23.28 billion by the government to Henderson Land, which is owned by the city's second richest man, Lee Shau-kee.
A spokeswoman from CK Asset said no immediate information was available.
Shares in CK Asset, Li's flagship property company, rose 2.62 percent to HK$66.50 in Hong Kong trade Monday.
The deal will soon be announced and the name of the building may be changed, the report added.
Hong Kong's surging property market has become a political issue as costs in one of the world's most expensive metropolises continue to soar, forcing some small businesses to close owing to sky-high rents while many residents cannot afford to buy or rent decent homes.
Commercial and residential property prices have been fuelled by an influx of money from wealthy mainland Chinese investors and developers.
The 89-year-old Li announced a sweeping reorganisation of his businesses in early 2015, saying he wanted to secure stability in future.
Beijing (AFP) Oct 11, 2017
Nightclubs have been raided, TV dramas targeted by censors and football matches postponed - China is tightening security and discipline to ensure a landmark Communist Party meeting passes off flawlessly. The police and censorship organs have kicked into high gear to prevent anything overshadowing the week-long, twice-a-decade congress which opens on October 18. The gathering is expected ... read more
China News from SinoDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|