A subsidiary of Hong Kong-based real estate developer Hopson Development Holdings Ltd. will pay up to about HK$1.17 billion to take control of the 49th floor of The Center, an office property in Hong Kong's Central district.

Hopson Development unit Sound Zone Properties Ltd. will purchase The Center (49) Ltd., which holds the asset at No. 99, Queen's Road Central, from Fully Fun Ltd. in a deal that is expected to close Dec. 14.

Hopson, along with its subsidiaries, will hold the asset for self-use.