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Lower Half of One Causeway Bay Acquired by Big CN Firm, Upper Half by BABA-W: Report
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The remaining "lower half" of One Causeway Bay, including 11 floors of office space, 3 floors of retail space, and 2 basement parking levels, has been negotiated for purchase by a large Chinese institution, with an offer exceeding HKD5 billion, equivalent to approximately HKD25,000 per square foot, Hong Kong Economic Times reported, citing market sources. BABA-W (09988.HK)(BABA.US) and Ant Group announced last month that they had reached an agreement with Mandarin Oriental International to invest approximately HKD7.2 billion to purchase multiple floors of commercial office space at One Causeway Bay in Causeway Bay as the Hong Kong headquarters for both companies. Since Alibaba is the owner of the above-mentioned building and holds naming rights, the transaction requires Alibaba's consent, report told. However, as both parties are Chinese institutions, the deal is assumed to be completed. AASTOCKS Financial News Website: www.aastocks.com |
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