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Champion REIT places HK$24.5B sale of Hong Kong office tower on back-burner

Champion REIT's offer to sell its 59-story Langham Place office tower in Kowloon, Hong Kong, for as much as HK$24.5 billion drew to a stand, after being launched to mainland buyers under a global tender in July 2017, Bloomberg News reported.

The media outlet noted CEO Ada Wong as saying that the company will not be finding a replacement for Savills, after its role as the building's marketing agent ended. She added that the company was adopting a "passive" role with regards to the property, which offers over 770,000 square feet of grade A office space, and that she would consider any offers for the tower.

Earlier in November 2017, the office landlord had denied media reports circulating in Hong Kong that said the tender offer worth HK$26 billion was unsuccessful. The company, which said it would not market the 225-meter tower in separate units, had received no offers for the office property back then.

The Feb. 15 Bloomberg report noted that Savills marketed Langham Place at an indicative price equivalent to almost 2x the consensus estimate reported in a survey it commissioned. The media outlet also cited CGS-CIMB Securities property analyst Siu Fung Lung as saying that mainland buyers were not interested in a property that has no sea view and is far from the central business district.