DBS Group Research noted reports that a Chinese enterprise has acquired the top floor at "The Center" for HK$500m or HK$37,800psf from a local investor.
"The Center" was developed by Cheung Kong Property (CKP)(01113) and Land Development Corporation. CKP had sold the ground floor/basement and some office floors on a strata titled basis, and retained the remaining office space of 1.22m sf.
Assuming the portion held by CKP is valued at HK$30,000psf, it would worth more than HK$36bn. DBSdoes not rule out the possibility of the company realising the value of this strata titled office tower if an attractive offer is received.