Real Estate Company to Sell Off Commercial Property Hub
A real estate company in Hong Kong is selling its property that is located in a commercial hub in Dongmen in Luohu District. The company has developed the property at the intersection of Dongmen Road South and near Jiabin Road and is owned by Golden Bauhinia Co. which includes a 13 story building with a eight story annex. A signage that identifies the development has already been removed from the outer wall and the nearly vacant buildings are now fenced off and access is only allowed on the parking lot.
The development of the property and its potential sale heighten speculation on the real estate market in the city after several sales of large properties that are owned by real estate tycoons in Guangzhou and Shanghai. The two buildings combined has a total construction area of more than 10,000 square meters on a 3,381 square meter of land. As of the moment the land is zoned for either commercial or financial development with a maximum ownership contract that is set to expire in December 2052.
Centaline Property has confirmed the development has been placed for sale publicly as the company invited corporate bids by the end of the month. Golden Bauhinia is hoping that the property will sell for around 500 million yuan. Records showed that the company bought the development for 83 million yuan in 2005 and they expect to triple their investment.