China Life Insurance buys Hong Kong office tower for HK$5.85 billion

China Life Insurance (Group) has agreed to buy an office tower with retail space in Hung Hom from Wheelock & Co for HK$5.85 billion, marking the largest single office-tower purchase in Kowloon district.

Property analysts said mainland finance companies and insurers would continue to be interested in purchases in Hong Kong and overseas.

“But it is unlikely to form a trend as properties available in Hong Kong are limited,” said Thomas Lam, the head of valuation and consultancy at Knight Frank.

China Life Insurance (Overseas) (CLIO), a wholly owned subsidiary of the mainland’s largest financial insurer, signed an agreement with Wheelock for the purchase of an en bloc office tower together with a two-storey retail block at One HarbourGate at Hung Luen Road, Hung Hom.

The property will serve as CLIO’s headquarters upon its completion by the end of next year. Construction commenced in December 2013.

One HarbourGate, enjoying a view of Victoria Harbour, will comprise two Grade-A office towers and two retail blocks.

CLIO has bought the 15-storey West Office Tower, totaling about 357,000 sq ft of gross area. The retail portion, known as West Retail Villa, totals about 36,000 sq ft of gross area.