Advertisement
Hong Kong office tower seized from tycoon Chen Hongtian put up for new round of bidding
- Valued at US$896 million in 2022, the waterfront office tower in Hung Hom was seized by creditors in early 2023
Reading Time:2 minutes
Why you can trust SCMP
1
Hong Kong commercial property One HarbourGate East Tower in Hung Hom, among a series of assets seized last year from Chinese tycoon Chen Hongtian, has been put on sale for a second time amid weak office market sentiment.
Advertisement
The receivers have put the tower back on the market for a new round of bidding, according to a statement released on Thursday by international real estate firm Savills, which said it has been appointed as the sole agent for the sale.
The prime harbourfront property was valued at around HK$7 billion (US$896 million) in 2022, according to a Savills statement when it was first put on the market in May 2023.
Chen’s company, Cheung Kei Group, blamed a “short-term cash-flow disruption” for losing control of three properties, which also included a 9,200 sq ft house on The Peak that he bought for HK$2.1 billion in 2016.
The One HarbourGate building, bought for HK$4.5 billion in 2016, has about 279,000 sq ft of commercial space. Completed in 2016 by Wheelock Properties, it comprises an office tower and a two-storey retail space along the waterfront, with 155 car-parking spaces. It serves as the headquarters for Sun Life Hong Kong.
Advertisement
The unit price will be between HK$10,500 and HK$12,000 per square foot, according to Vincent Cheung, managing director of Vincorn Consulting and Appraisal.
The deadline for offers is noon on August 20.
Advertisement