HKR International snaps up United Daily News Centre in Hong Kong

Hong Kong Resorts  International (HKRI) has agreed to purchase the 16-story United Daily News Centre in Hong Kong, following the closing of a public tender for the building.

HKR International will pay HK$310 million ($40 million) for the property, according to a report disclosing the terms of the acquisition. The tender was accepted on Dec. 8.

Located at No. 21 Yuk Yat Street in Kowloon, the United Daily News Centre is an industrial building currently leased with varying terms of tenancies.

HKRI is planning to redevelop the current 62,577 square foot building  into a new complex to would allow for residential, commercial or combined use, according to Mingtiandi.

The buyer is principally engaged in property development and property investment in Hong Kong, mainland China and across the Asia Pacific area. The acquisition is expected to help enhance and en