Caixin
Nov 06, 2020 05:45 AM
POLITICS & LAW

American Chamber of Commerce in Hong Kong Sells Headquarters

picture
picture

What’s new: Another U.S. institution sold its property in Hong Kong after the U.S. Consulate General in Hong Kong unloaded a cluster of luxury residential properties there in September.

The American Chamber of Commerce in Hong Kong (AmCham) sold its headquarters on the 19th floor of the Bank of America Tower in central Hong Kong in early October. The nongovernmental organization bought the office space in 1996 for more than HK$54.6 million ($7.04 million) and sold it for HK$145 million to Dream Glory Holdings Ltd., according to the Hong Kong Land Registry.

The sale price was equivalent to HK$24,000 per square foot, about 15% less than similar units fetched in the building earlier this year. Other office spaces currently listed for sale seek HK$39,000 to HK$60,000 a square foot, data from real estate agents show.

The buyer is not a Hong Kong-registered company, and it’s not clear who is actually the purchaser behind the deal.

Hong Kong local media previously reported that AmCham suffered four years of deficits totaling more than HK$5.6 million and downsized its staff from 26 in 2017 to 11.

The background: The U.S. Consulate General in Hong Kong and Macau put a cluster of luxury residential properties on the market in May, just days after China unveiled a proposal to impose a controversial national security law on Hong Kong.

The U.S. government said in September that it accepted a winning bid and expected to close the sale in late December.

The sales come at a sensitive time as tensions rise between the U.S. and China over the new national security law for Hong Kong. The U.S. views the law as undermining the city’s autonomy. On May 29, U.S. President Donald Trump threatened to revoke Hong Kong’s special customs status in response to the Chinese law.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bobsimison@caixin.com).

Related: U.S. Government Accepts Winning Bidder for Hong Kong Property

Support quality journalism in China. Subscribe to Caixin Global starting at $0.99.

loadingImg
Register to read this article for free.
Register
Share this article
Open WeChat and scan the QR code