Chairman of Chellaram Shipping, Lal L. Chellaram
Leading today’s Hong Kong real estate news, Angelo, Gordon & Co and the Chellaram family have closed on the HK$2.1 billion purchase of nine floors of Kwun Tong’s C-BONS International Centre. Also in the headlines, a floor at 9 Queen’s Road Central fetched a record price for the office tower, and a property management unit of China’s Agile Group is seeking a HK$4.7 billion listing. All these stories and more await you, if you just keep reading.
Angelo, Gordon and Chellarams Buy 9 Floors of Kwun Tong Building For HK$2.1B
Real estate fund manager Angelo, Gordon & Co and the family behind the Chellaram trading and transport firm have closed the deal for nine floors in an office building in the Kwun Tong area of Hong Kong’s Kowloon East by paying HK$2.1 billion ($269 million).
The pair acquired the 18th to 28th floors in the C-BONS International Centre in Kwun Tong. The seller, Wuhan-based maxi-pad maker and real estate conglomerate C-BONS Holding, had acquired ten floors and naming rights to the building from Sun Hung Kai in 2010 for HK$1 billion. Read more>>
Fourth Priciest Floor in Hong Kong Sold at 9 Queen’s Road Central
A floor in 9 Queen’s Road Central was sold for HK$660 million, or HK$48,000 per square foot. The price per square foot sets a record high for the office building and ranks fourth-highest in the city. The strata-titled property totals 13,742 square feet in the 36-storey 1991-vintage office tower.
The seller, a bank from the Middle East, bought the asset in 2008 for HK$245 million. The deal generated a profit of HK$415 million for the bank. Read more>>
Agile Plans HK$4.5B IPO of Property Management Unit A-Living
Chinese property management services provider A-Living Services, a unit of Agile Group, is seeking a listing on the main board of Hong Kong, the company announced.
The company aims to raise up to HK$4.7 billion ($601 million) and will be spun off from its controlling shareholder Agile Holdings. The company’s revenue is largely generated from management services for properties developed by Agile Group. Read more>>
HK Watch King’s Brother Makes HK$21M in 8 Months Flipping Offices
Yeung Chiu Sing, brother of Emperor Group chairman Albert Yeung, sold three units in China Insurance Group Building for HK$87.8 million ($11.2 million). The building is located on 141 Des Voeux Road Central.
The three units, rooms 15 to 18 on the eighth floor, have a combined area of 5,003 square feet. The price per square foot is HK$17,549 ($2,244), the highest for the building, according to Midland Realty. Yeung purchased the properties in May for HK$67 million ($8.6 million), making a profit of HK$20.8 million ($2.7 million) in less than a year. Read more>>
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