China Taiping pass 10 billion purchase Jinghua Road Commercial Building

Evergrande (00012), its newly completed commercial property on 18th, Jinghua Road, North Point, was previously offered by buyers for about 10 billion yuan. According to foreign media reports, China Taiping Insurance (00966) is a consortium actively bidding for the offer. However, China Peace and hell will not comment on the above rumors.

Jinghua Road on the 18th for the whole commercial buildings, came out by the end of last month by Chinese buyers to buy, the price close to the developer intends to price 10 billion yuan, is expected to shortly implement the transaction. Sources quoted by Bloomberg pointed out that China Taiping Insurance intends to purchase the building for its own use. China Taiping Insurance said it did not comment on market rumors and did not respond to market rumors.

It is proposed to use the remaining 70% of the floor for rent

Jinghua Road 18, 25 storeys high, with a total gross floor area of ​​about 329,800 square feet, for the formal occupation of Grade A commercial buildings in recent months, and another 123 parking spaces to the purchase price of about 10 billion yuan, the price of more than 30,000 yuan .

According to the information, since the building has a full sea view and a naming right, the new buyers will own about 70% of the floor space while the remaining lower-level units will be recused. In front of the building, Evergrande has already leased two floors on the 11th and 12th floors and leased for about 60 yuan per square foot. The tenants include production companies and pharmaceutical companies. Building leasing work is still underway, not subject to ownership will be affected by the change of hands.

China Taiping Insurance is the only Chinese-funded financial insurance group headquartered in Hong Kong. The company is currently renting multi-storey floors of China Pacific Building, 8 Sunning Road, Causeway Bay.

In recent years, China Taiping Insurance has been procuring the entire commercial building including the acquisition of Wheelock East (00020) last year, One HarbourGate East Building, 18 Hung Hom Road, Hung Hom, however, the building was eventually owned by Shenzhen Cheung Kee Group, To 4.5 billion purchase, and renamed Cheung Kei Center.

Former Asian frozen warehouse last year, the price of reconstruction

On the 18th, Jinghua Road, formerly known as the Asian frozen warehouse, was purchased by Hengda in 2006 for 620 million yuan. After that, the developer applied for two different options, ie housing and office. It was decided in recent years that it would be converted into an office. Last August, the project Land premium of 2.218 billion yuan rebuilt into commercial buildings. Last year, Heng Ha market has been launched to sell, bid 10 billion yuan.

In recent years, China actively bought Hong Kong properties. Cheung Kong (01113) last week announced the sale of a 40% stake in Central Central, 99 Queen’s Road Central, for $ 40.2 billion last week to break the historical record of commercial properties in Hong Kong. The new buyer is China State Reserve Energy Chemical Group Co., Ltd. as a major shareholder of the consortium.