Hongkong Land denies plan to sell Three Exchange Square Tower

HONGKONG Land Holdings has no plans to sell Three Exchange Square, a tower in Hong Kong’s Central district, following a media report that it was exploring a sale. 

“The market rumour is pure speculation. Hongkong Land has no plan to sell any of the buildings in Central,” a company spokesperson said in response to a query by Bloomberg News. 

Local newspaper Sing Tao earlier reported that an unidentified agency was marketing the property for sale at US$2 billion.

Three Exchange Square is a 33-story Grade-A office tower with tenants including S&P Global and China Merchants Bank. Hongkong Land is Central’s biggest commercial property landlord. 

Hong Kong’s office market has been under pressure for the past couple of years. Office values have declined about 35 per cent from their peak in 2018, according to Colliers International Group.