HK Office Backed by Goldman Cuts Asking Price by More Than 30%
- The tower 88WL has struggled to find buyers in downturn
- Hong Kong offices face headwinds amid bank cuts, rate hikes
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A Hong Kong office building majority held by Goldman Sachs Group Inc. has cut its asking price by at least one-third, underscoring the depth of the downturn in the city’s property market.
The 25-story 88WL office building in Sheung Wan, adjacent to the city’s core business district known as Central, is finding it difficult to attract buyers, and has trimmed the asking price to about HK$900 million ($115 million), the people said. The sellers had expected more than HK$1.3 billion earlier this year, one of the people said.