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Mandarin Oriental International said on Tuesday it was in discussions regarding the potential sale of a portion of its prime mixed-use building, One Causeway Bay, in one of Hong Kong’s top retail and business hubs.
The company, which operated 43 assets worldwide as of June, said negotiations were ongoing but “there can be no certainty that any sale will proceed, nor as to the terms on which such a sale might be made”.
“A further announcement will be made if and when appropriate,” it said.
A local media report identified e-commerce giant Alibaba Group Holding as a potential buyer for the top 13 floors of the property, which comprise 270,000 sq ft. Alibaba, which owns the Post, is reportedly considering the space for HK$7 billion (US$899 million).
Alibaba declined to comment on Tuesday.
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Hong Kong’s iconic Excelsior hotel closes for redevelopment
Hong Kong’s iconic Excelsior hotel closes for redevelopment
If the deal goes through, it could be the most expensive commercial property acquisition in Hong Kong this year in terms of lump-sump payment, which translates to just under HK$26,000 per square foot.
