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Hong Kong billionaire named as likely buyer of Redefine stake in A$600M asset

A company owned by Hong Kong billionaire Francis Choi is believed to be the unnamed private Asian investor that is in advanced discussions to buy Redefine Properties Ltd.'s 50% stake in the A$600 million Northpoint Tower office asset in Sydney that is also held by Cromwell Property Group, The Australian reported.

Choi is the owner of Early Light International Group, considered to be the world's largest toymaker. Through Early Light, Choi acquired Blackstone Group LP's office building at 1 Castlereagh St., Sydney, for an estimated A$220 million in late-2017.

Unlike its South African backer, the Australia-listed Cromwell has no plans to sell its 50% interest in the 34-story building that is undergoing a nearly completed refurbishment, according to the March 22 report.