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China Telecom Is One of Bidders for Cheung Kei Center in Hung Hom: Report
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The entire commercial building of Cheung Kei Center in Hung Hom, which was once owned by Chen Hongtian, Chairman of Cheung Kei Group and Chairman of Shenzhen Tongxin Club, was put into receivership last year, and the foreclosure once commissioned a surveyor's firm to put it up for sale. China Telecom is one of the bidders, Bloomberg quoted sources as saying. As Hong Kong's interest rates are high, China's borrowing costs are relatively low, the valuation of local properties dropped drastically, coupled with the fact that an increasing number of Hong Kong's wealthy families, in the face of escalating debts, are forced to sell their properties at extremely high discounted prices, so as to enable Chinese SOEs to take advantage of the weak Hong Kong's commercial property market to snap up shopping malls and office buildings, according to the report. These include China Resources Longdation's purchase of Tseung Kwan O's Alto Residences shopping mall for $540 million in July and its takeover of Wealthy Garden's base shopping mall for $310 million earlier this year, as well as its offer to acquire NEW WORLD DEV (00017.HK)'s K11 Art Mall for $9 billion. AAStocks Financial News |
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