China-US Ties Hold Up Property Deal With Hong Kong Consulate, Developer Says
HONG KONG Hong Kong developer Hang Lung Properties said it was unable to complete the purchase of a property owned by the U.S. consulate as scheduled on Wednesday because it involved foreign affairs between China and the United States.
The latest twist in the $331.5 million deal in an upscale location in the financial hub comes amid growing tension between the world’s two biggest economies over a host of issues.
The developer, which agreed in September to buy the property used to house U.S. consulate staff, said in a filing on Wednesday it received a letter from the Land Registry last week that the property is “not an ordinary real estate property.”
US sale of Hong Kong consulate property held up by China
30 Dec 2020 - 12:46
This general view shows the outside of 37 Shouson Hill Road in southern Hong Kong on December 30, 2020, part of a multibillion-dollar property of six mansions owned by the US Consulate General in the city. / AFP / Peter Parks
By Clare Jim | Reuters
Hong Kong: The sale of property owned by the US consulate in Hong Kong failed to be completed as scheduled on Wednesday after China unexpectedly stepped in and said its approval is needed, the buyer said, amid wide-ranging bilateral tensions.
Hong Kong developer Hang Lung Properties said in a regulatory filing that it was unable to complete the purchase of the residential property, the latest twist in the $331.5 million deal in an upscale location in the financial hub.
UPDATE 1-U.S. sale of Hong Kong consulate property held up by China Reuters 12/30/2020
By Clare Jim
HONG KONG, Dec 30 (Reuters) - The sale of property owned by the U.S. consulate in Hong Kong failed to be completed as scheduled on Wednesday after China unexpectedly stepped in and said its approval is needed, the buyer said, amid wide-ranging bilateral tensions.
Hong Kong developer Hang Lung Properties said in a regulatory filing that it was unable to complete the purchase of the residential property, the latest twist in the $331.5 million deal in an upscale location in the financial hub.
Chinese foreign ministry spokesman Wang Wenbin later told a daily news briefing in Beijing that the application requirement was in light of U.S. regulations on the management of registered properties of foreign missions in the United States and based on the principle of reciprocity.
Chinese Government Stops U.S. Consulate Property Deal in Hong Kong The U.S. consulate in Hong Kong was blocked from completing a September deal to sell its residential quarters to Hang Lung Properties. Stocks quotes in this article: HNLGF
China has torpedoed the sale of U.S. consulate property in Hong Kong, citing political differences for terminating the commercial transaction of a site in one of the city s most-prestigious neighborhoods.
Hang Lung Properties (HNLGF) , a Hong Kong-headquartered developer that s very active in China, said on Wednesday that it has been unable to complete its prospective purchase. In a surprise move, Hang Lung agreed in September to pay HK$2.57 billion (US$327 million) for the residential complex in Shouson Hill, where many of the city s political movers and shakers live.
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