fbpx

US government is selling $1.8B worth of property in exclusive Hong Kong area

The decision comes as protests continue to rock Hong Kong. PHOTO: NYTIMES. Sketched by the Pan Pacific Agency.

HONG KONG, May 31, 2020, Bloomberg. The US government is selling its property in one of the most exclusive neighbourhoods in Hong Kong, a State Department representative said in an email, The Straits Times reported.

The decision comes as protests continue to rock Hong Kong and tensions rise between the United States and China over new Beijing-backed national security legislation in the city.

“The State Department’s Bureau of Overseas Buildings Operations regularly reviews the US Government’s overseas real estate holdings as part of its global reinvestment programme,” the representative said.

The property, which comes with several mansions, is located in Shouson Hill, south of Hong Kong Island, and is valued at HK$10 billion (S$1.82 billion), according to news site HK01, which first reported the sale. Some of the city’s richest tycoons own properties in the area.

The State Department is also investing in enhancing other US government-owned assets in Hong Kong, including the US Consulate General’s office building, according to the statement.

The US government purchased the property in 1948, records lodged with the Land Registry show.

Share it


Exclusive: Beyond the Covid-19 world's coverage