Properties

Wheelock Properties Limited (WP) and LVGEM (China) Real Estate Investment Company Limited (“LVGEM (China)”, stock code: 0095.HK) have signed an agreement for sale of shares for 8 Bay East,  a full seaview grade-A commercial building, at 123 Hoi Bun Road, Kowloon East for HK$9 billion. 8 Bay East is hold by the Wharf Group and is being sold by Wheelock Properties as its sole agent. 8 Bay East is a 19-storey building, totals approximately 600,000 square feet. The project is expected to be complete by Q3 2019.

Stewart C. K. Leung, Chairman of WP, said: “8 Bay East is ideally located in the heart of Hong Kong’s new Central Business District (new CBD) overlooking the 270ºC panoramic views of Victoria Harbour.  As the development of Kowloon East is becoming more matured, we envisage that many PRC corporations, multi-national and Fortune 500 companies will be attracted to this area. We are glad that LVGEM CHINA made a vast investment to acquire 8 Bay East, showing their confidence in Hong Kong. This would further enhance Hong Kong’s status as an international financial and business centre. This is a win-win scenario for both the vendor and the purchaser.”

Huang Jing Shu, Chairman of LVGEM CHINA, said: “LVGEM (China), initiating its presence from Shenzhen, has developed and operated a large number of high-quality residential and commercial development projects in the Guangdong-Hong Kong-Macao Greater Bay Area (「粵港澳大灣區」,Greater Bay Area). 8 Bay East is strategically located with convenient traffic and expected to become another representative brand of our commercial properties in the future. Upon the completion of the property development, the company will be able to earn a stream of rental income from the property and it will benefit from long-term capital gains when the property value appreciates in the future. In addition, the transaction represents a strategic step for the company to create a meaningful presence in the Hong Kong property market and will strengthen our leading position within the real estate sector and commercial development industry as well as its market position and brand influence in the Greater Bay Area.”

LVGEM (China) continually explores Hong Kong Market and actively strengthens GreaterBay Area

LVGEM (China), established in 1995, is a well-known comprehensive real estate developer and commercial property operator in Shenzhen. It has three principal business segments including property development and sales, commercial property investment and operations as well as comprehensive services. With the strategy of “Focusing on Major Cities and Their Core Areas” (「深耕核心城市，聚焦城市核心」), and the main business line of “Shenzhen and Hong Kong”, the company focuses on the geographic expansion in Greater Bay Area and their projects are all located in the core areas of Shenzhen, Hong Kong and Zhuhai, etc.. In the area of commercial property investment and Operations, LVGEM (China) successfully operated numerous commercial properties as represented by two commercial brands, namely “Zoll” (「佐阾」)and “NEO”. The acquisition of 8 Bay East represents that LVGEM (China) tapes into the Hong Kong market again and strengthens its business layout in the Greater Bay Area after the Lau Fau Shan project in Hong Kong.  As the Greater Bay Area will become part of the national strategy plan in China, LVGEM (China) will embrace this opportunity to create more value and contribution to the investors and the society with its development and operation of several core projects located in Greater Bay Area.

Wheelock Properties strives to build quality developments

Wheelock Properties possess proven experiences in developing and selling premier Grade-A offices in strategic commercial districts, offering state-of-the-art and sustainable business environment for corporations. Following the previous acquisition of en-bloc East Tower and en-bloc West Tower at One Bay East by Citi and Manulife, and the respective acquisition of en-bloc West Office Tower, West Retail Villa and en-bloc East Office Tower, East Retail Villa of One HarbourGate by China Life (Overseas) and Cheung Kei Group, the sale of shares of 8 Bay East by LVGEM CHINA further indicating Wheelock’s en-bloc disposal strategy gains strong market recognition.

Wheelock Properties has an impressive “Kowloon East Waterfront Portfolio”, which includes One Bay East (83 Hoi Bun Road), 8 Bay East (123 Hoi Bun Road) and the future redevelopment of Kowloon Godown (1-3 Kai Hing Road), spanning a 500-metre coastline along a quintessential waterfront in the vibrant and promising new CBD.

About Wheelock Properties (Hong Kong) Limited

Wheelock Properties is a wholly-owned subsidiary of Wheelock and Company Limited (SEHK:0020). Its principal activities include the undertaking of property development, sales and marketing, and asset management functions of certain Wheelock and Wharf Group properties.

Founded in 1857, Wheelock and Company Limited is a listed investment holding company headquartered in Hong Kong. Wharf Holdings, the Group's principal investment, is strategically focused on property and infrastructure in Hong Kong and China.

For further details, please visit www.wheelockpropertieshk.com and www.wheelockcompany.com

LVGEM (China) Real Estate Investment Company Limited

LVGEM (China) Real Estate Investment Company Limited (stock code: 0095.HK), established in 1995, is a well-known comprehensive real estate developer and commercial property operator in Shenzhen. It has three principal business segments including property development and sales, commercial property investment and operations as well as comprehensive services. In the segment of property development and sales, with the strategy of “Focusing on Major Cities and Their Core Areas”, and the main business line of “Shenzhen and Hong Kong”, the company focuses on the geographic expansion in Greater Bay Area and their projects are all located in the core areas of Shenzhen, Hong Kong and Zhuhai, etc.. The Company is ranked top 10 in terms of All-rounder Real Estate Developer in Shenzhen and top 10 Southern China Brands for consecutive years. In the area of commercial property investment and Operations, the company successfully operated numerous commercial properties as represented by two commercial brands, namely “Zoll” (「佐阾」)and “NEO”. In the area of comprehensive services, the company has the first grade qualification of the national realty management enterprise and provide high quality and comprehensive property management services to all kinds of the properties. Looking forward, the company will strive for the vision and goal of “being the most respected city value-creator in China” with an aim to further strengthen its market position in and brand influence over the development of the Greater Bay Area.

For further details, please visit http://www.lvgem-china.com/

Media Contact：

Jacus Chan

LVGEM CHINA

Tel: (852) 2123 9535

Fax: (852) 2123-9510

Email: jacuschan@lvgem-china.com

Vicky Cheung / Sarah Ha

Wheelock Properties (Hong Kong) Limited

Tel: (852) 2118 2613 / 2118 8074

Fax: (852) 2118 2068

Email: vickycheung@wheelockpropertieshk.com /

           sarahha@wheelockpropertieshk.com