Tycoon Fights Sale Of $892-M HK Property Seized By Creditors

Creditors have appointed agents to sell a HK$7 billion (US$892 million) Hong Kong commercial property that is among a trio of seized assets tycoon Chen Hongtian is fighting to regain control of, Lam Ka-sing and He Huifeng reported for South China Morning Post (SCMP).

Photo Insert: One HarbourGate East Tower has about 279,000 sq ft of commercial space.

One HarborGate East Tower in Hung Hom has been put on the market for tender sale by its receivers, a statement released on Sunday by international real estate firm Savills disclosed.

Savills has been appointed as the sole agent for the tender. “I will ask lawyers to study it,” Chen, the chairman of Cheung Kei Group, told the SCMP on Sunday when he was shown the Savills statement.

The Savills statement came after Chen told the Post on Friday he was talking with lenders to retrieve three assets worth HK$10 billion (US$1.27 billion) after a “short-term liquidity issue” forced him to miss mortgage payments.

Chen said on Friday that he has plans to inject fresh funds to resolve the “mild default” issue related to One HarborGate tower and a HK$2.1 billion house on The Peak.

One HarbourGate East Tower has about 279,000 sq ft of commercial space. Completed in 2016 by Wheelock Properties, it comprises an office tower and a two-story retail space along the waterfront, with 155 car-parking spaces.

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