October 12, 2017 / 1:32 AM / a year ago

China's LVGEM says to buy office tower from Wharf for $1.2 billion

HONG KONG (Reuters) - LVGEM (China) Real Estate Investment Co Ltd (0095.HK) said it would buy an office tower in Hong Kong from Wharf (Holdings) Ltd (0004.HK) for HK$9 billion ($1.2 billion), part of plans by the mainland developer to strengthen its presence in the city’s property market.

Wharf’s parent company Wheelock and Co Ltd (0020.HK) said in a separate statement it would record an attributable gain of HK$2.8 billion from the sale of the 23-storey office tower, which is under construction.

Chinese firms have been aggressively buying land in Hong Kong, one of the world’s most expensive real estate markets, gobbling up 29 percent of the land sold in 2015 and 2016.

Reporting by Donny Kwok; Editing by Edwina Gibbs

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