Shimao founder Hui offloads three units at The Center for $142m

Chinese developer Shimao founder Hui Wing-mau has sold three units on the 55th floor of The Center for about HK$142 million, at an average price of HK$21,903 per square foot, in line with market rates.

The units, with a total floor area of around 6,478 sq ft, were held for more than seven years and are estimated to have booked a loss of roughly 29 percent.

Earlier in March, Hui put the entire 37th floor – measuring about 25,412 sq ft – up for sale, with an asking price of around HK$22,000 per sq ft, implying a total value of approximately HK$559 million.

STAFF REPORTER