Ping An Life to become the second long-term strategic investor in SHKP’s commercial project atop High Speed Rail West Kowloon Station
Sun Hung Kai Properties Limited (SHKP) is pleased to announce that Ping An Life Insurance group (Ping An Life) will become another long-term strategic investor, along with the Kwok Family Companies, in the office portion of the commercial project atop the High Speed Rail West Kowloon Station.
Ping An Life will purchase from SHKP and the Kwok Family Companies 25% and 5% of the interests in the project’s office portion at the prices of HK$9,394 million and HK$1,879 million, respectively. Upon completion of the transactions, the interests in the office portion will be owned by SHKP (50%), Ping An Life (30%), and the Kwok Family Companies (20%). The retail portion of the project will remain wholly owned by SHKP.
In December 2019, the Kwok Family Companies became the first strategic partners to participate in the development of the office towers on the site. SHKP had indicated on a number of occasions in the past that the Group intended to invite other long term strategic investors as well.
SHKP Chairman and Managing Director, Mr Raymond Kwok, said, “We are delighted to welcome Ping An Life as a strategic investor in this project. Ping An Life is a leading and highly reputable life insurance company with a strong financial position. We share the same vision in that we both intend to hold this landmark project as a long-term investment, as testimony to our confidence in and commitment to the future of Hong Kong.”
“The presence of major strategic investors in this project should act as a catalyst in attracting more multinational corporations and leading financial institutions to move in, thus further strengthening the reputation and market position of the project and that of the adjacent International Commerce Centre (ICC) as a key business and finance hub both in Hong Kong and the Greater Bay Area,” Mr Kwok said.
The development of ICC, which has become an iconic commercial hub of Hong Kong over the past 10 years, showcases SHKP’s solid experience in West Kowloon. The new site, atop the High Speed Rail West Kowloon Station, being Hong Kong’s largest commercial land plot in recent years in terms of site area, is widely acclaimed for its strategic location. It is the city’s only transportation hub of four railway lines, sitting atop a High Speed Rail station and adjoining the Airport Express Line, the MTR Tung Chung Line and the West Rail Line. It offers convenient access to different districts in Hong Kong and major cities on the Mainland, along with excellent global connections via the Airport Express and the Hong Kong International Airport. All these unique advantages will help develop the site into an international integrated commercial landmark.
Upon completion, the project will generate excellent synergy with ICC and drive West Kowloon’s evolution into an integrated commercial, retail, cultural, entertainment and transportation hub, as well as a vital commercial core in Hong Kong and the Greater Bay Area.
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