Sino Land to sell Central Building

Sino Land Co, the Hong Kong builder controlled by billionaire Robert Ng, is seeking to sell an office tower in the city's central business district for HK$7 billion ($903 million), the agent appointed for the sale said.

The developer plans to sell The Centrium, a 41-floor, 330,000 square-foot property near the Lan Kwai Fong bar and restaurant area, Joseph Tsang, Hong Kong-based managing director at Jones Lang LaSalle Inc, the world's second-biggest commercial realtor, said by phone on Thursday.

Transactions of commercial properties in Hong Kong are increasing as cash-rich investors shun residential real estate after the city's government imposed measures such as tightening mortgage lending and imposing extra taxes on home deals. Home prices in the city have doubled over the past three years.

At that price, the cost per square foot would be about HK$20,000, said Tsang. Rent at the building is currently about HK$50 a square foot per month, he said.

Bloomberg - Reuters