HOPEWELL Holdings has sold nine floors of Wu Chung House in Wan Chai for $850 million. The Hongkong Government yesterday signed a contract with Mingway Company, a subsidiary of Hopewell, to buy the 226,660 square foot space. Analysts said the acquisition price, which represented $3,750 a sq ft, was below market value. The purchase was made in accordance with the terms of exchange for the lease of the site. Named in honour of the late Mr Wu Chung, the founder chairman of Hopewell, Wu Chung House is a 38-storey office building at Queen's Road East, near the Hopewell Centre. The acquisition is the first in a number of transactions to be made by the Government Property Agency following the approval by the finance committee of the expenditure of $2.01 billion to buy new government offices. The space at Wu Chung House would be used by various government departments, including the Department of Health, an official said.