China Investor Buys Mega HK Office Building
China tycoon buys mega HK office building that was put on sale by HK developer Swire Properties. The blue chip Hong Kong developer Swire sold 100% of its interest in the Cityplaza Three and Cityplaza Four office towers , according to filed statement , to BVI-registered, Henglilong Investments Limited, a private investment holding company which is owned by mainland investor Chen Chang Wei.
The grade A office acquisition is the latest investment by Chen’s Hengli group, as the former Wanda Hotels and Wanda Commercial Properties executive quietly becomes a global player in the past year. December last year, Hengli Investments bought Lloyds Banking Group’s London headquarters for over £150 million from the British bank. Chen, identified by the media as the chairman of Hengli Investments. The low-profile investor is listed with the Hong Kong companies registry as the sole director of Hengli Investments, a corporate identity which intersects with the path of the since-privatised Wanda Commercial Properties and its successor, Wanda Commercial Management.
Chen served as chairman of Hong Kong-listed Hengli Commercial Properties (Group) Limited (now Wanda Hotel Development Company) from February 1, 2008 to July 03, 2013, according to Bloomberg. Wanda Commercial Properties took over Hong Kong-listed Hengli through a reverse merger in April of 2013, before de-listing again in 2016.
The deal allows Swire to take advantage of Hong Kong’s rising office values to dispose of what it may see as non-core assets.