CK Asset Holdings Ltd.'s 75% share in The Center, in Hong Kong's central area, changed hands for HK$40.2 billion after being on the market for a year at an asking price of HK$35 billion, Bloomberg News reported, citing the Hong Kong Economic Journal.

The deal with a Chinese-led consortium, which includes certain domestic investors, marks a record sale in Hong Kong and is slated to be announced soon, according to the local publication, which did not reveal its source.

According to the Skyscraper Center, the 73-story property ranks fifth in the city's tallest buildings list. With a roughly 1.2 million-square-foot office space, 13,000-square-foot retail space and 402 car parking spots, the tower's 97% occupancy brought in approximately HK$880 million in annual rental income, Chinese newspaper Ming Pao reported Aug. 20, 2016.

Proceeds from the disposal are expected to fund the company's expansion plans. Formerly known as Cheung Kong Property Holdings Ltd., CK Asset also took a step toward its roughly €4.5 billion purchase of a European sub-metering company alongside CK Infrastructure Holdings Ltd. when shareholders approved the deal.

The Oct. 16 Bloomberg News report noted ICBC Asia as one of the contenders in the race last year. The company had appeared to have tendered a HK$34.8 billion bid for the stake in the tower but denied making any proposals.