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Hang Lung bought it for a 20 per cent discount to the valuation.
The developer said it was informed by the Land Registry on December 21 that the US consulate is not a commercial entity, and the Shouson Hill villas are not an ordinary real estate property. The transaction involved foreign affairs between China and the US and should not be regarded as an ordinary commercial activity, it added.
Kenosha mom arrested for prostituting her teenage daughters
: Most Chinese investors, the largest buyer group globally, won't buy overseas property in next 12 months because of Covid CLSA surveyThe US government must submit a written application to the Chinese government via the Office of the Commissioner of the Ministry of Foreign Escorgs of China in the city with at least 60 days' notice, Hang Lung said, citing an advisory from the Chinese government to the local authority. Whether it can move forward only depends on the relationship between US and China.
If the Chinese government gives its approval, it would represent a gesture of goodwill. Still, Hang Lung said that it is "willing and able to proceed" with the deal after "careful consideration," if the US can comply with the diplomatic obligations. The Chinese government weighed in on Wednesday afternoon. Dnd Lung's investors appear to have been lukewarm about the developer's purchase.
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Shares of the company have fallen 2. The stock rose by 2.
Such a setback is "unprecedented, and much should have been done prior to the sale," said Polly Chu, partner at the law firm Withers in Hong Kong. The buyer should consider seriously whether to buy, or request to revise the tender coffee chat questions to extend the completion date, with the right to termination if written consent is not obtained, she said.
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