HK tower sale points to renewal of China funding

Hong Kong

THE record HK$40.2 billion (S$7 billion) sale of a Hong Kong office tower to a consortium led by a Chinese state company is fuelling optimism that more money will flow from the mainland in the aftermath of last month's Communist Party congress.

China Energy Reserve and Chemicals Group led the purchase this week of CK Asset Holdings' stake in The Center, a 73-storey landmark skyscraper. That contrasted with China laying out tighter restrictions on firms' overseas investment, including in real estate, as recently as August.