Li Ka-shing’s CK Asset has agreed to sell its stake in a Hong Kong office building for HK$40.2bn ($5.2bn) in what will be the world’s largest transaction on record for a single office building.
The sale of The Center to a consortium of bidders, reportedly led by a Chinese energy group, underlines the relentless demand from mainland groups for real estate in Hong Kong’s financial districts. Chinese companies have become major buyers of property worldwide, including London despite the UK’s decision to leave the EU.
The price tag for Hong Kong’s fifth-largest tower will set a world record for a deal for a single building, according to an analysis of data compiled by Dealogic.