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Yuzhou Properties to buy 58th floor of The Center, Hong Kong, for HK$899M

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Yuzhou Properties to buy 58th floor of The Center, Hong Kong, for HK$899M

Yuzhou Properties Co. Ltd. is buying one level at The Center building in Central, Hong Kong, for about HK$898.7 million, subject to certain conditions.

The sale and purchase agreement between Yuzhou Properties' Brilliant Bloom International Ltd. subsidiary and seller Sea Basin Investments Ltd., a subsidiary of C.H.M.T. Peaceful Development Asia Property Ltd., was signed after market hours March 22. The consideration for the property — the 58th floor of the 73-story office skyscraper, and valued at roughly HK$1.21 billion, as of Jan. 7 — includes shares and debt of the project company.

Yuzhou Properties expects to close the acquisition April 3, and it intends to use the approximately 26,356-square-foot property as its own office, as well as for rental and investment purposes.

C.H.M.T., which completed its record acquisition of 75% of The Center in May 2018, is partly owned by Yuzhou Properties director and controlling shareholder Kwok Ying Lan.