US sells Hong Kong consulate compound for HK$2.57b
The US has sold its consulate staff compound in one of Hong Kong's most exclusive neighbourhoods for HK$2.57 billion (S$453.8 million), amid escalating tensions between China and the US. The price, announced by CBRE Group which handled the sale, was lower than the HK$3.1 billion to HK$3.5 billion valuation from Vincorn Consulting and Appraisal. The buyer wasn't named. The site in Shouson Hill, on the southern side of Hong Kong Island, comprises six low-density apartment buildings spread over almost 95,000 square feet (8,825 square metres). The property was sold with vacant possession, giving the buyer potential to develop luxury housing with views over Deep Water Bay, CBRE said. A US government representative said the decision to sell the compound was part of its global reinvestment programme and some of the proceeds from the transaction would be reinvested into multiple properties the US owns in Hong Kong.
Tags : INTERNATIONAL