Hang Lung says property deal with U.S. consulate to proceed after China's approval

Hang Lung Properties

19/02/2021 03:36

HONG KONG, Feb 19 (Reuters) - Hong Kong developer Hang Lung
Properties  0101.HK  said its $331.5 million purchase of
property owned by the U.S. consulate will proceed after gaining
the approval from the Chinese central government. 
    The deal missed its late December completion schedule after
China unexpectedly stepped in and said its approval was needed,
a condition the United States had sought to contest amid
wide-ranging bilateral tensions.  urn:newsml:reuters.com:*:nL1N2JA0DC
    "Hang Lung is pleased that the Seller has fulfilled the
diplomatic protocols and now with the consent from the Central
People's Government of China, the transaction will proceed," the
company said in an emailed statement.
    "We are working with the seller on the completion and will
make an announcement at the appropriate time."
    A U.S. Consulate General spokesperson said the State
Department was not at liberty to comment on the specific terms
of ongoing contractual transactions. 
    Hang Lung agreed in September to buy the property situated
on a hill in the south of Hong Kong Island overlooking Deep
Water Bay currently used as consulate staff accommodation. It
plans to redevelop the site as luxurious detached homes,
targeted for completion by 2024.  urn:newsml:reuters.com:*:nL4N2G70XC

 (Reporting by Clare Jim; Editing by Lincoln Feast.)
 ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters
Messaging: clare.jim.thomsonreuters.com@reuters.net))