New World Development pays US$164.5 million for 20 per cent stake in three old buildings in prime Hong Kong area

//New World Development pays US$164.5 million for 20 per cent stake in three old buildings in prime Hong Kong area

New World Development pays US$164.5 million for 20 per cent stake in three old buildings in prime Hong Kong area

New World Development has acquired a further 20 per cent ownership in three dilapidated buildings in the heart of Causeway Bay for HK$1.28 billion (US$164.5 million), according to people familiar with the matter.The price was about 29 per cent lower than the market expectation of HK$1.8 billion, analysts said.The latest acquisition takes New World’s ownership to 80 per cent in the three eight-storey buildings close to Russell Street, once the world’s most expensive retail location.Under the…

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By | 2021-11-02T23:30:22+00:00 November 2nd, 2021|Business|Comments Off on New World Development pays US$164.5 million for 20 per cent stake in three old buildings in prime Hong Kong area