Citigroup buys new Hong Kong HQ from Wheelock for $700 mln

HONG KONG, June 17 Tue Jun 17, 2014 5:32am EDT

HONG KONG, June 17 (Reuters) - Citigroup will pay HK$5.425 billion ($699.86 million) to a unit of developer Wheelock and Co Ltd for a new headquarters in Hong Kong, the bank said on Tuesday.

The 21-floor East Tower in Hong Kong's Kowloon district will become the U.S. bank's new hub for all its businesses in Hong Kong, where the bank said it employs almost 5,000 people.

It is the largest single-block office purchase in Hong Kong ever, a spokesman for the bank said, citing research from real estate services firm CBRE.

The bank will move into the new building in the second half of 2016, it said.

($1 = 7.7515 Hong Kong dollars) (Reporting By Lawrence White; Editing by Matt Driskill)

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