Hang Seng office
By Zhang Fengming |
May 21, 2010, Friday
|
Print Edition
Print Edition
HANG Seng Bank (China) Ltd said yesterday that it has agreed to pay 510 million yuan (US$74.7 million) to buy about 7,000 square meters of office and retail space, together with naming and signage rights, in Shanghai's Lujiazui area in Pudong as its local headquarters.
Hang Seng China will own floors 34, 35 and 36 of HSBC Tower as well as a shop unit at ground level, buying the property from affiliate HSBC Bank (China) Co Ltd. The two banks are both under the HSBC Group.
Conditional upon obtaining the necessary government approvals, the deal is scheduled to be completed by November.
Margaret Leung, chairman of Hang Seng China, said the property purchase reinforces the bank's long-term commitment to the Chinese mainland.
HSBC China is expected to shift its headquarters to a new office building in Lujiazui in the middle of this year.
Hang Seng China will own floors 34, 35 and 36 of HSBC Tower as well as a shop unit at ground level, buying the property from affiliate HSBC Bank (China) Co Ltd. The two banks are both under the HSBC Group.
Conditional upon obtaining the necessary government approvals, the deal is scheduled to be completed by November.
Margaret Leung, chairman of Hang Seng China, said the property purchase reinforces the bank's long-term commitment to the Chinese mainland.
HSBC China is expected to shift its headquarters to a new office building in Lujiazui in the middle of this year.
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