Billionaire Li Ka-shing’s CK Asset makes bid for Evergrande’s Hong Kong HQ building
COMPANY NEWS STOCKS
Billionaire Li Ka-shing’s CK Asset makes bid for Evergrande’s Hong Kong HQ building
COMPANY NEWS STOCKS

Billionaire Li Ka-shing’s CK Asset makes bid for Evergrande’s Hong Kong HQ building

 

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Billionaire Li Ka-shing’s real estate unit CK Asset Holdings said in a statement on Thursday that it has submitted a tender offer for the embattled property developer China Evergrande Group’s office building in Wan Chai, in response to media report on the sale.

China Evergrande is putting on sale the entire China Evergrande Centre in Wan Chai, Hong Kong, valued at around HK$9 billion, more than 14% below the roughly $10-billion consideration made by state-owned Yuexiu Property during the talks last year, reported Hong Kong Economic Times.

In November 2015, China Evergrande acquired the entire MassMutual Tower, which was later renamed China Evergrande Centre, at around $36,000/sq.ft. at $12.5 billion, marking the biggest commercial building deal in Hong Kong with record floor price at the time.

Last year, Yuxiu Property planed to buy the office building at HK$10.5 billion, but the plan failed to get approval from Yuexiu’s board of directors due to worries about uncertainties associated with China Evergrande’ dire financial situation.