The deal comes after China Mobile made an offer with a price range as high as about HK$3 billion subject to certain conditions, the person said. But the telecom unit’s bid involved payment installments, making HKMU’s offer of a lump-sum cash payment more attractive, the person added.
Hong Kong Metropolitan University has signed an agreement to buy a distressed commercial property in the city that China Mobile Hong Kong had sought to purchase, according to people familiar with the matter.
HKMU, formerly known as the Open University of Hong Kong, offered more than HK$2.6 billion ($450 million) for Cheung Kei Center, according to the people. HKMU signed the deal for the building, which was once owned by struggling tycoon Chen Hongtian, on Monday and aims to complete the transaction by the end of the year, one of the people said.
