Wang On Group buys Hong Kong asset for US$99m

Hong Kong-listed Wang On Group and its subsidiary Wang On Properties have agreed to buy a commercial podium at a Hong Kong residential community for HK$780m (US$99.4m).

The two investors bought the holding company that owned the commercial accommodation of The Parkside complex, the buyers said in an announcement.

The asset, located at 18 Tong Chun Street in the New Territories’ town of Tseung Kwan O, has 32,564 sq.ft. of total lettable space, along with 49 car parking spaces.

The existing tenancies are all held under a fixed term with the earliest ending this year and the latest running until 2021.

The vendor is a vehicle jointly owned by Angelo, Gordon and Company and Mordril Properties, according to a Mingtiandi report.

The deal is scheduled to close in July this year.

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Benn is a freelance journalist and the publisher of APAC Real Estate. He has reported for the Herald Sun, REFI Europe, S&P Global Market Intelligence, Leader Newspapers, and more.