Hopson JV sells Beijing office tower for $553m

Hopson Development and BMI Funds as agreed to sell a 20-story, class A office tower in Beijing for RMB 3.67 billion ($552.6 million). The new owner is Golden Harmony Investments.

Under the terms of the deal, which was announced on September 27, Hopson will dispose of two subsidiaries that collectively own a 45 percent stake in the project company. BMI Funds, a branch of Hong Kong-based financial services provider BM Intelligence group, will also be disposing of its 45 percent stake in the same transaction.

The remaining 10 percent in the JV is held by Beijing Dongfangwenhua Assets Operation Co.