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First Group pays HK$1.25B to purchase Hong Kong industrial building

The nine-story Kwong Loong Tai industrial building in Hong Kong's Cheung Sha Wan area was purchased by First Group for HK$1.25 billion, The (Hong Kong) Standard reported.

According to the Sept. 10 report, the company intends to spend HK$2.6 billion to redevelop the property into a grade-A office building by 2022.