Beijing-based Hexie Health Insurance has bought the SK Tower in the Chinese capital for 9.06 billion yuan (US$1.4 billion) from SK Group, South Korea’s third-largest conglomerate.
The deal is the biggest transaction for an office building in China since the onset of the coronavirus pandemic, according to agent Cushman & Wakefield. It could potentially become the largest deal for the year for a single commercial real estate project in China, Cushman said on Tuesday, without mentioning the second-highest deal value.
The SK Tower transaction is particularly significant, given the 35-storey office building’s prime location in the heart of Beijing’s central business district, right next to the Chang’an Avenue thoroughfare.
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