A company led by Angela Leong On-kei, casino mogul Stanley Ho Hung-sun's fourth wife, has acquired BOC Insurance Tower in Central for HK$800 million, according to the Lands Registry.
It is the largest transaction involving a whole block building in Central so far this year.
According to a Lands Registry document, Master Land (HK) bought BOC Insurance Tower from BOC Group Life Insurance for HK$10,635 per square foot last Thursday.
Ms Leong is the deputy chairman and director of Master Land (HK).
The monthly rent at the building is about HK$1.3 million, while the buyer can get a rental yield of only 1.9 per cent.
The average office rent of the building is about HK$13 per square foot.
Although the existing rental yield is low, Kent Fong Chi-kit, head of the investment department at DTZ Hong Kong, believes this will improve upon the renewal of the tenancies.