Chinese Insurance Giant Splashes Out HK$5.85 Billion To Acquire Hong Kong Office

China Life Insurance (Overseas) Company Limited acquires En-bloc seaview Grade-A Office and Retail Villa at One HarbourGate from Wheelock and Company Limited Hong Kong –

Wheelock and Company Limited (WAC) and China Life Insurance (Overseas) Company Limited (CLIO) have signed a sale-and-purchase agreement for the en-bloc West Office Tower and West Retail Villa at One HarbourGate at 18 Hung Luen Road, Hong Kong for HK$5.85 billion, marking the largest single office tower purchase in Kowloon.

One HarbourGate, which is currently under development by Wheelock Properties, comprises two Grade-A full seaview office towers and two retail villas.

The West Office Tower offers 15-storey, totaling approximately 357,000 square feet gross area. The West Retail Villa offers 2-storey, totals approximately 36,000 square feet gross area. The construction of One HarbourGate commenced from December 2013, the whole development comprises two Grade-A office and two retail villas, providing a total gross area of 675,000 square feet.

The project is expected to be completed by the end of 2016. West office tower of One HarbourGate will be served as the headquarters for CLIO upon its completion.

Douglas Woo, Chairman of WAC, said: “One HarbourGate is perfectly located in a premier commercial hub along the world-renowned waterfront, enjoying the panoramic seaview of Victoria Harbour. We are delighted that CLIO has shown their confidence in Hong Kong and WAC by acquiring the West Office Tower and West Retail Villa of One HarbourGate as the strategic base of their operation in Hong Kong, and as one of the major investments in their global portfolio. Such significant and long-term investment will definitely enhance Hong Kong’s status as an international financial and business centre.”

Mr. Liu An Lin, Deputy Chairman and President of CLIO, said “The business growth of CLIO has been overwhelming in recent years. We are No. 1 in the market in terms of annualized premiums of new business for 2 consecutive years. With strong financial strength, our asset value is more than HKD150 billion. By implementing the “One Belt, One Road” initiative, China Life Group has started the internationalisation strategy plan. Being the platform for business internationalisation, our future development is highly treasured by China Life Group. We are glad to purchase One HarbourGate, which is our brand-new flagship property in Kowloon. This is a milestone for CLIO which shows China Life Group’s confidence in the Hong Kong market.”