$5.2B Hong Kong Tower Sale Points to China Turning the Money Tap Back On
- Mainland firms’ purchases of Hong Kong properties picking up
- Chinese state firm led purchase of 73-story skyscraper
The Center, on the left, in Hong Kong.
Photographer: Brent Lewin/Bloomberg
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The record HK$40.2 billion ($5.2 billion) sale of a Hong Kong office tower to a consortium led by a Chinese state company is fueling optimism that more money will flow from the mainland despite the government focus on controlling outflows.
China Energy Reserve and Chemicals Group led the purchase this week of CK Asset Holdings Ltd.’s 75 percent stake in The Center, a 73-story landmark skyscraper. That contrasted with China tightening restrictions on overseas investment in August, and on Friday issuing draft rules to track firms’ investments through offshore units.