Creditors have listed the Hong Kong office property Cheung Kei Center for sale

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Novo Place main contractor

Cheung Kei Center, a Grade A office located situated in Kowloon, Hong Kong, is available for sale via tender according to Savills appointed by the receivers of the building to sell the property. The building was owned previously by Cheung Kei Group, a private investment firm owned by Chinese billionaire Chen Hongtian, also the chairman of the group. Cheung Kei Group purchased the property in December 2016 in exchange for HK$4.5 billion.

Novo Place main contractor Qingjian Realty and Santarli Construction, are the official developers of the much-awaited Novo Place EC residence. This is after the duo submitted the highest bid amounting to $266 million, equivalent to $661.67 per square foot per plot ratio (psf ppr).

However, creditors seized it in March following the company failed to pay the loan. Chen was also stripped of ownership of two residences he owned personally which included the 9,200 square feet luxury property situated on The Peak he had purchased for record HK$2.1 billion in the year 2016.

Cheung Kei Center comprises an office building as well as a two-storey retail villa, which totals around 279,000 square feet in commercial area. The building also houses the capacity of 155 parking spaces for cars. The structure, which was originally dubbed One HarbourGate East Tower – forms part of The One Harbourgate complex, which was constructed through Wheelock Properties, completed in the year 2016.

Savills has announced that a market assessment done by the building’s first owner in 2012 puts the value of the property at $7 billion in Hong Kong dollars ($1.18 billion). The auction to purchase Cheung Kei Center will close on August 28.