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Published on 12 October 2017
Chinese property developer LVGEM (China) Real Estate Investment has agreed to purchase 8 Bay East office tower from Wheelock & Co. for HK$9 billion (US$1.2 billion), which works out to be around US$1,900 per square foot – a record for a commercial building in Hong Kong’s Kwun Tong area, according to Bloomberg.
“This is a good price for the seller. This transaction is a historical high in that area,” Dorothy Chow, regional director at Jones Lang LaSalle, commented.
The sale is second largest real-estate deal in Asia this year, after BlackRock’s sale of Asia Square Tower 2 in Sinagapore to CapitaLand Commercial Trust for US$1.5 billion last month.
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