In the heart of Wan Chai, on one of Hong Kong’s busiest streets, stands a 33-storey office tower that earlier this year became the second most expensive property to change hands in a city that boasts the world’s costliest property market.
China Everbright, the financial conglomerate that bought the Dah Sing Financial Centre for HK$10bn ($1.29bn), is just one of a number of mainland Chinese companies to have splashed out on headquarters in the city over the past year.
Banks, asset managers and insurance companies have flocked from mainland China to acquire prime Hong Kong office buildings, prompting the territory’s government to announce it will release more land for commercial redevelopment in the oversubscribed heart of the city.
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