China credit tightening won’t affect stake in HK$40 billion The Center, says Shimao’s Hui Wing-mau

Hui Wing-mau, the chairman of Shanghai-based Shimao Property Holdings, has said his purchase of a stake in The Center, the world’s most expensive office building, will not be affected by a tightening in the mainland credit policy for overseas acquisitions.

“I’m a Hong Kong resident and have lived here for 40 years. My money is here and will not be affected [by the credit tightening],” he said in his first public comments – confirming an earlier report by the South China Morning Post – on the subject, while speaking exclusively to the Post ahead of Shimao Property’s results announcement on Tuesday.

Hui, ranked as mainland China’s 22nd richest man with a personal wealth of US$8.4 billion in 2017 by Forbes, confirmed he had agreed to acquire a 20 per cent stake in The Center, which is valued at HK$40.2 billion (US$5.12 billion), from Li Ka-shing’s CK Asset Holdings.

The purchase is his biggest personal investment in Hong Kong, he said. “I’m positive about the Hong Kong office market, and the city will benefit from the future development of the Greater Bay Area,” he said.

Hui, 67, is a newly elected standing committee member of China’s top advisory body, the Chinese People’s Political Consultative Conference.