China Everbright buys office block in Wan Chai for HK$10 billion in city’s second-largest office deal
Government’s move to increase office supply in CBDs expected to strengthen Hong Kong’s status as an international financial centre
State-owned enterprise China Everbright announced on Thursday it has agreed to buy the Dah Sing Financial Centre at Gloucester Road, Wan Chai, for HK$10 billion, in the second-largest office transaction in Hong Kong.
It is the latest sign of mainland enterprises’ eagerness to acquire prime Hong Kong office buildings. In November, Evergrande Real Estate paid a record HK$12.5 billion to buy Mass Mutual Tower, a prime office block at the corner of Gloucester and Jaffe roads, from Chinese Estates.
Also last year, China Life Insurance announced the purchase an office tower with retail space in Hung Hom from Wheelock & Co for HK$5.85 billion.
The Hong Kong government’s release of its long-awaited response to calls by multinational corporations for new office supply in central business districts (CBDs) will help the city strengthen its status as an international finance centre, property experts say.
“As multinational corporations ramp up their expansion plans, they hope to see a clear supply picture in the long run. That is what they have been calling for,” Marcos Chan, head of research at CBRE Hong Kong, Macau and Taiwan, said.
As multinational corporations ramp up their expansion plans, they hope to see a clear supply picture in the long run
He said the land sales programme provided a more transparent long-term picture that would help the city maintain its position as a global finance centre.
