Media365
Vobile Group, a US-based technology firm that helps Hollywood studios protect and monetise online video, has bought the top floor of Hong Kong’s Bank of America Tower, snapping up a rare Central office at a steep discount as cash-rich companies begin testing the city’s bruised commercial property market.
The Emmy Award-winning company, which works with Disney, Warner Bros., Paramount and Lionsgate and listed in Hong Kong in 2018, bought the 37th floor of the grade A office building in Admiralty for HK$198 million (US$25.4 million), Land Registry records showed.
The transaction values the space at about HK$19,000 per square foot, more than 60 per cent below its peak valuation.
The unit spans about 10,500 sq ft and comes with two private sky gardens totalling roughly 3,076 sq ft. It was acquired on November 25 through Vobile Investment II (HK) and was vacant before the sale.
“The location is nice, the size is perfect, and the price is also pretty good,” said Bernard Wang Yangbin, Vobile’s founder, chairman and CEO. “As we plan to be in Hong Kong for the long term, it makes sense to buy instead of rent,” Wang said in the interview with the Post.
Founded in Silicon Valley, Vobile won an Emmy Award in 2017 for its work in stemming video piracy. Its technology relies on patented VDNA, which creates unique “fingerprints” and hidden “watermarks” in videos to protect copyright for movie studios, TV networks and streaming sites.
