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WHEN The Center skyscraper was sold in Hong Kong in 2017, the record US$5.2 billion price tag was so high that investors had to form a consortium to take a majority stake and divvy up the floors. That decision is rapidly becoming a millstone.
Cash-strapped owners, many of them Chinese homebuilders, are now competing with one another to secure revenue from tenants or buyers at the 73-story tower after housing sales in the mainland collapsed.
Values have been dragged down as a result, with some space now offered at almost 50 per cent less than the purchase price. That compares with a wider drop of about 30 per cent for offices in the Central district since June 2018, according to data compiled by broker Knight Frank. https://www.businesstimes.com.sg/property/hong-kong-tower-symbolises-chinas-credit-bubble-bust