Ping An Real Estate Co. Ltd. plans to purchase one of the three office buildings intended for Sun Hung Kai Properties Ltd.'s development atop the West Kowloon rail station in Hong Kong, Mingtiandi reported Jan. 20, citing sources close to both companies.
The listed developer, which secured the site in November 2019 after offering to pay HK$42.23 billion, previously said it would invite other investors to participate in the development.
While formal plans have yet to be filed for the project, Sun Hung Kai said it intends to transform the 59,746-square-meter site into a project featuring retail, office and hotel components. The three towers forming part of the mixed-use complex are expected to have a combined office space spanning 261,600 square meters, accounting for roughly 89% of the whole development.
Ping An Real Estate and Sun Hung Kai are still finalizing the details of the partnership, including the amount of equity that will be invested and the nature of assets that will comprise the transaction, the news outlet reported.
The news outlet did not receive a reply from both companies regarding the partnership.