Hong Kong office building Cheung Kei Center put up for sale by creditors

/ EdgeProp Singapore |
Cheung Kei Center (middle), previously known as One Harbourgate East Tower, is up for sale by tender (Picture: Savills)
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SINGAPORE (EDGEPROP) - Cheung Kei Center, a Grade-A office in Kowloon, Hong Kong, is up for sale by tender, according to Savills, appointed by the building’s receivers to market the property. It was previously owned by Cheung Kei Group, a private investment firm controlled by Chinese tycoon Chen Hongtian, also the group’s chairman. Cheung Kei Group purchased the building in December 2016 for HK$4.5 billion.
Creditors, however, seized it in March after the company defaulted on a loan. Chen also lost ownership of two personal residences, including a 9,200 sq ft luxury property on The Peak he had purchased for a record HK$2.1 billion in 2016.
Cheung Kei Center comprises an office building and a two-storey retail villa, totalling about 279,000 sq ft of commercial space. It also has 155 car parking spaces. The building — originally named One HarbourGate East Tower — is part of the One Harbourgate complex built by Wheelock Properties, completed in 2016.
Savills says a market valuation conducted by the building’s original owner last year puts the property’s value at around HK$7 billion ($1.18 billion). The tender for Cheung Kei Center will close on Aug 28.

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