Breaking News

U.K. Economy Grew 0.8% in Second Quarter, Matching Forecast
Tweet TWEET

Harbour Centre Buys Building in H.K. for HK$4.4 Billion

Harbour Centre Development Ltd. (51), controlled by the family of billionaire Peter Woo, bought a former government office tower in Hong Kong’s city center for HK$4.4 billion ($568 million) for conversion into a hotel.

The Hong Kong-based real estate company, a listed unit of Wheelock & Co. (20), has until the end of 2018 to convert the 27-level, 325,073-square-foot 1960s-era Murray building into a hotel, while preserving its exterior, according to a Hong Kong stock exchange filing yesterday evening.

The conversion will give Harbour Centre its second hotel in Hong Kong; it also owns the Marco Polo Hongkong Hotel in the Tsim Sha Tsui district. The city government is selling some of its older office space after erecting a new headquarters for itself on the waterfront.

Woo, chairman of Wheelock, is Hong Kong’s seventh-richest person with a fortune estimated at $7.8 billion, according to the Bloomberg Billionaires Index. He’s the son-in-law of deceased shipping tycoon Pao Yue-Kong.

Separately, Swire Properties Ltd. (1972) bought a commercial site in Hong Kong’s Kowloon Bay district from the government for HK$2.64 billion and Sino Land Co. (83) bought a residential site in the Sai Kung area for HK$850 million, according to a statement posted on the government’s website yesterday. Both buyers are Hong Kong-based real estate developers.

To contact the reporter on this story: Joshua Fellman in New York at jfellman@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.