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Transactions - APRIL 30, 2020

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Ping An buys portion of West Kowloon project for $1.5b

by Andrea Zander

Sun Hung Kai Properties (SHKP) and its controlling shareholder, the Kwok family, have sold 30 percent of the office portion of Hong Kong’s most expensive commercial project.

Ping An Life Insurance will buy the space on top of the West Kowloon high-speed rail station for HK$11.27 billion ($1.45 billion). In a statement, Sun Hung Kai indicated that Ping An Life had declared that its investment is motivated by a plan to establish the Hong Kong headquarters for the insurance group in the office project.

In November 2019, Sun Hung Kai Properties (SHKP) won the tender for a site atop the West Kowloon Station that connects Hong Kong with Mainland China through the Express Rail Link. The high-speed rail development will add some 3 million square feet of office space in the West Kowloon area, on top of 1.7 million square feet in the International Commerce Center.

 

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