By Joanne Chiu
Evergrande Real Estate Group Ltd. (>> Evergrande Real Estate Group Limited) agreed to buy an office property in Hong Kong from developer Chinese Estates Holdings Ltd. (>> Chinese Estates Holdings Limited) for 12.5 billion Kong Kong dollars ($1.61 billion).
The Chinese developer said Thursday that it will pay the consideration in eight installments within the next six years. The property, known as Mass Mutual Tower in Hong Kong's Wanchai district, is a 26-storey grade A office and commercial building with a total floor area of 32,090.9 square meters and 55 underground car parking spaces.
The acquisition presents the prospect of good investment returns and will enhance Evergrande's corporate image in Hong Kong as well as international markets, it said.
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