Growing tensions between the U.S. and China have prompted authorities to let go of these properties
According to finews.asia, six multi-storey mansions in Hong Kong that belongs to the U.S. government have been put up in the market for bidding in the midst of the growing tensions between America and China.
These properties, which are each worth up to USD645 million, come with 10 bedrooms each measuring about 4,402 square metres. The U.S. government bought the land in June 1949 at an undisclosed price when the administrative region was still under the British occupation.
All of the half-dozen mansions have been placed in the market for collective bidding and are all valued between USD1.3 billion and USD5 billion. CBRE Group, a realtor based in Los Angeles, revealed that they have been designated as the sales agent for the project.
“The State Department’s Bureau of Overseas Buildings Operations regularly reviews the U.S. Government’s overseas real estate holdings as part of its global reinvestment program,” based on a statement by the U.S. Consulate General in Hong Kong.
The mansions were placed in the market just a few hours after U.S. President Donald Trump declared that he would abolish the special trading status of Hong Kong following the decision of Beijing to establish a national security law for the city while circumnavigating the votes of the local body.
“As part of that program, the State Department has decided to sell the Shouson Hill property, and at the same time, invest in enhancing other US Government-owned assets in Hong Kong, including the US Consulate General’s office building,” the U.S. clarified in the statement.
“The reinvestment program reinforces the US Government’s presence in Hong Kong by ensuring its facilities are able to perform to the highest long-term standards.”
Sri Lanka eyes a revival as the political transition and pandemic cripples the tourism industry
The island nation’s property sector is currently on the ropes as they emerge out of one trough and sink into another
Hong Kong’s commercial property market in turmoil
Corrosive street protests and the ongoing US-China trade market were damaging enough for Hong Kong’s commercial real estate industry. Then came COVID-19
Indonesia’s new regulations could make or break the property sector
Rolled out to slash Indonesia’s excessive red tape, the new set of laws could make or break a stasis in the property sector
The Philippines finds REIT timing for property investment
Contagion and natural calamity thwart the country’s thriving real estate industry, but a new form of investment is set to democratise the property market