Two Hong Kong office assets sell for $2.4b total
Two office properties in Hong Kong have sold for more than $2.37 billion in separate deals.
Evergrande Real Estate Group has purchased the 345,426-square-foot Mass Mutual Tower for $1.61 billion from Chinese Estates Holdings.
The building in the Wan Chai district changed hands for more than 27 times the sum Chinese Estates paid for it more than a decade ago.
The transaction was Chinese Estates’ third sale to Evergrande this year. The firm also sold The Coronation, development site in Chongqing, for $967.7 million and the 306,959-square-foot Splendid City office property in Chendu was sold for an undisclosed price.
Separately, China Life Insurance Co. has bought an office tower and retail space in One HarbourGate at 18 Hung Luen Road from Wheelock & Co. for $754.9 million, marking the largest single office tower purchase in Kowloon.
One HarbourGate, which is currently under development by Wheelock Properties, comprises two c