China's LVGEM says to buy office tower from Wharf for $1.2 bln

Wharf Holdings

12/10/2017 02:26

HONG KONG, Oct 12 (Reuters) - LVGEM (China) Real Estate 
Investment Co Ltd  0095.HK  said it would buy an office tower in 
Hong Kong from Wharf (Holdings) Ltd  0004.HK  for HK$9 billion 
($1.2 billion), part of plans by the mainland developer to 
strengthen its presence in the city's property market. 
    Wharf's parent company Wheelock and Co Ltd  0020.HK  said in 
a separate statement it would record an attributable gain of 
HK$2.8 billion from the sale of the 23-storey office tower, 
which is under construction. 
    Chinese firms have been aggressively buying land in Hong 
Kong, one of the world's most expensive real estate markets, 
gobbling up 29 percent of the land sold in 2015 and 2016. 
 urn:newsml:reuters.com:*:nL4N1FG1W9 
         
($1 = 7.8047 Hong Kong dollars) 
 
 (Reporting by Donny Kwok; Editing by Edwina Gibbs) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: LVGEM WHARF HOLDINGS/ACQUISITION