Hong Kong Metropolitan University paid HK$2.6 billion to purchase the Cheung Kei Center, a distressed commercial building that China Mobile's (HKG:0941, SHA:600941) Hong Kong unit sought to buy, Bloomberg News reported Wednesday, citing people familiar with the matter.
The building was seized from struggling tycoon Cheng Hongtian. The transaction, the second-largest by property value in 2024, is expected to be completed by year-end, the report said.
China Mobile offered HK$3 billion for the property but sought to pay in installments, making HKMU's offer for HK$2.6 billion in lump sum a better deal, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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