Thursday, 31 May 2018

Price list of the world’s costliest tower starts doing the rounds as new owners look for buyers

PUBLISHED : Wednesday, 30 May, 2018, 10:51pm
UPDATED : Thursday, 31 May, 2018, 12:54pm

Maggie Zhang

Hong Kong propertyLi Ka-shingProperty investment

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A price list of 48 floors of The Center, the world’s costliest tower bought by a consortium of investors from Hong Kong, is being circulated to gauge market sentiment for a possible resale, hardly a month since the record HK$40.2 billion (US$5.2 billion) deal was completed.

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In early May, the C.H.M.T Peaceful Development Asia Property group – led by Hui Wing Mau, Shimao Property Holdings’ founder, and Forbes’ wealthiest woman of 2017 Pollyanna Chu – closed the takeover of Li Ka-shing’s The Center building in downtown Central, in the world’s biggest real estate transaction.

The list, containing asking prices for the resale units by the investors of the consortium, was sent to potential buyers by property agents, asking for a premium of up to 66 per cent.

The list being circulated also shows each floor’s owner from the 19th floor to the 78th of the world’s priciest office building in downtown Central.

For instance, Hui owns the 31st, 32nd, 36th, 37th, 55th, 56th, 62nd, 63rd, and 76th floors of the 73-storey building.

Although the authenticity of the list was yet to be confirmed, one investor in the consortium said “some of the information is correct but some are not.”

“For example, I am asking for HK$50,000 per square foot, but the list shows HK$48,000,” said an investor in the consortium who declined to be named.

While another investor Lo Man-tuen, chairman of Wing Li Group (International), said that he had not cut asking prices, declining to give more details.

Hui and Chu have taken up the 55 per cent stake formerly owned by mainland’s China Energy Reserve & Chemicals Group in the consortium, handing the city’s fifth tallest tower back into the hands of Hongkongers.

In November, a day after the sale was announced, brokers had already started hawking the same space at a 50 per cent premium of HK$50,000 per sq ft.

The consortium paid HK$33,000 per square foot.

Additional reporting by Peggy Sito

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