Citigroup buys Asian HQ for HK$5.4b in record Hong Kong office deal

[HONG KONG] Citigroup will pay HK$5.425 billion (S$877 million) for its new Hong Kong headquarters, in the largest ever purchase of a single-block office building in the Asian financial hub, the US bank said yesterday.

A unit of developer Wheelock and Co Ltd is building the twin One Bay East towers in Hong Kong's Kowloon district, with Citi taking the East Tower and insurer Manulife (International) Limited the West.

The 21-storey building will become Citi's new hub for all its businesses in Hong Kong, where the US bank said it employs almost 5,000 people, making it the biggest employer among foreign banks in the city.