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.”
NRI investors fuel India’s property boom amid favourable market and regulatory landscape
With market conditions and regulatory changes working in their favour, NRI investors are supercharging India’s real estate scene
Archetype Group’s Jean-Francois Chevance spearheads urban innovation in Southeast Asia
Archetype Group has overseen numerous transformative projects in Southeast Asia
Reimagining the future: Asia’s architects turn to heritage for sustainable solutions
Planners, designers, and developers around Asia are looking to the region’s past for inspiration as they attempt to reduce harmful carbon emissions
Government rolls the dice: Indonesia’s bid to revitalise real estate ahead of elections
The outgoing government is banking on tax breaks and other incentives to revive the country’s residential sector