Link REIT Sells Mong Kok T.O.P Property for HK$2.3B, a 61% Loss from 2016 Purchase
HK01 · 4 SOURCES1 day ago5 MIN
Summary
Link REIT announced on October 30, 2026, the sale of its Mong Kok commercial complex at 700 Nathan Road for HK$2.3 billion to local investor Han Bliss Global Limited. The property, rebranded as T.O.P This is Our Place, was acquired in 2016 for approximately HK$5.91 billion, representing a value erosion of over 60% over the decade. The buyer is ultimately controlled by Chan Chun-bun (Bunny Chan), a Hong Kong delegate to the National People's Congress and founder of Po Tin Group. The deal is expected to close in Q1 2027, with Link REIT retaining asset management responsibilities.
Key Points
- The property at 700 Nathan Road, formerly the Trade and Industry Department Building, was acquired by Link REIT in January 2016 for HK$5.91 billion
- Total gross floor area spans approximately 284,800 square feet, comprising retail floors (basement to 5th floor) and 15 office floors (6th to 20th floor)
- The buyer, Han Bliss Global Limited, has Chan Chun-bun (陳振彬) as its ultimate beneficial owner; Chan is also a Hong Kong NPC delegate and founder of Po Tin Group
- Proceeds from the sale will be used for unit buybacks, supplementary working capital, and investment in core assets including malls and car parks across the Asia-Pacific region
- Knight Frank served as the sole agent representing both the buyer and seller in this transaction
Why It Matters
The sale underscores Link REIT's strategic pivot toward its core business of managing malls and car parks while divesting non-core office assets. The transaction highlights the challenging commercial property market in Hong Kong, where office values have declined significantly. Chan Chun-bun's acquisition suggests continued confidence from established local investors in prime Mong Kok retail and commercial locations despite broader market headwinds .
The sale underscores Link REIT's strategic pivot toward its core business of managing malls and car parks while divesting non-core office assets. The transaction highlights the challenging commercial property market in Hong Kong, where office values have declined significantly. Chan Chun-bun's acquisition suggests continued confidence from established local investors in prime Mong Kok retail and commercial locations despite broader market headwinds .