Chinese capital of 9 billion, the whole building of Fengguantang Fengshu Center
The whole building is still the focus of Chinese investment. The entire fund of the Singapore Fund’s Guantang Fengshu Center was purchased by the consortium. One Chinese-funded institution has a bid of 9 billion yuan, which is close to the owner’s intention price.
Several fund users also bid
Earlier, the Singapore Fengshu Fund commissioned a surveyor to release the whole building of the Fengshu Center in Kwun Tong. It is reported that even if the market conditions in recent months are slightly diminished, the project is a high-quality full-scale commercial building and is still being purchased by several consortiums. Understand that because the project is limited by the title deed and cannot be sold, the short-term investors are not interested. The bidding consortium includes funds and users. One of the consortiums has a bid of 9 billion yuan, which is close to the owner’s intention price.
According to market sources, the bid is more aggressive as a Chinese-funded consortium, and the Zhongrong Holdings Group has a higher voice. Looking for information, the group was established in 1992. Its business includes real estate, energy, financial investment and international exhibitions. It is headquartered in Beijing.
Near-to-low-level lease
It is reported that the group intends to purchase commercial buildings in Hong Kong as its headquarters, and the low-rise floor of the Fengshu Center has been fully rented out. The top level is still to be rented. For example, the top floor of the building can be used as the group headquarters.
As early as 2014, Mapletree Fund landed for 3.769 billion yuan, becoming the fund’s first office project in Hong Kong. The project is 19 stories high. The biggest feature is that the floor area is large, reaching 36,000 square feet. It is a commercial building with more than 30,000 square feet of floor space in the same district.
The project was rented earlier than last year. At present, the occupancy rate is good. The main tenants include VF, a large-scale garment and sourcing company in the US. The company has rented the floor twice this year and is now renting 200,000 square feet.
In addition, the two-storey floor of the property had a total of about 70,000 square feet. It was leased by HSBC and the rent was high at 35 yuan.
The core area commercial buildings are the first choice for Chinese-funded institutions. However, there are not many owners who are willing to sell them. Therefore, many Chinese-funded institutions have moved to East Kowloon. Last year, Lvjing China (00095) purchased from Hui Tak Fung at No. 123, Kwun Tong Beach Road, for $9 billion. The whole building is 8 Bay East. The building has a 19-storey building with a floor area of about 600,000 square feet and a price of about 15,000 yuan. The building will be renamed “Greenview NEO Building” and is expected to be completed this year.
This year’s East Kowloon also recorded a large-scale commercial building transaction involving the Kowloon Bay Ao Teng Plaza. It was won by Zhong Shuo Land (01224) Chairman Zhang Songqiao, partner Capital Strategy (00497) and Oceanwide Group (00129) joint venture for $8 billion. The whole building is about 745,000 square feet of floor space, with an average price of about 10,700 yuan.