The Real Deal New York

Hong Kong’s commercial RE market is booming by the billions

Money is pouring in from both local and mainland investors and developers
June 16, 2018 01:00PM

(Credit: Pixabay)

A series of recent big commercial deals has propelled Hong Kong’s market to new heights.

According to Bloomberg, a new consortium made of two Chinese developers inked a record-breaking $5.1 billion deal with one of billionaire Li Ka-shing’s previous companies, which are now run by his son, Victor Li Tzar-kuoi. Meanwhile, Hong Kong’s government sold its first commercial property in the Central district in over two decades for $2.9 billion.

The most recent coup is a $1.8 billion deal that is reportedly in the works between Swire Properties and Hengli Investments Holding Group for two office and retail towers in Hong Kong. The parties are said to be in talks over the sale.

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Hengli, a property investment fund, lists Chen Chang Wei as one of its directors; the company bought Lloyds Banking Group Plc’s headquarters in London last year. [Bloomberg]Erin Hudson