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Chinese group buys Wheelock's One HarbourGate East for HK$4.5B

Chinesecompany Cheung Kei Group acquired Wheelockand Co. Ltd.'s One HarbourGate East office tower in Hung Hom, Hong Kong,for HK$4.5 billion, or HK$16,071 per square foot, The (Hong Kong) Standard reported.

The Shenzhen-basedbuyer plans to rename the 15-floor property to Cheung Kei Centre and use it as itsHong Kong headquarters. The office asset has a total gross floor area of around280,000 square feet, including a retail area of 26,000 square feet.

Uponcompletion, Cheung Kei Group intends to rent out a portion of the building for anestimated HK$20 million of monthly rental income.

Earlier,several companies fielded offersto acquire the property, with some reaching HK$5 billion.

The propertyis one of the two towers in the One HarbourGatecomplex. China Life Insurance Co.Ltd. had struck a dealin November 2015 to buy the One HarbourGate West building for HK$5.85 billion.