China Resources (Holdings) Company’s Hong Kong platform, CR Longdation, is reportedly set to acquire K11 Art Mall from New World Development Company for about HK$9 billion ($1.15 billion). The mall, which opened in 2009, spans 31,200sqm and has a high occupancy rate with recent sales up 10%. The acquisition price equates to approximately HK$288,300 ($36,800) per square meter. With expected annual rental income of nearly HK$500 million ($64 million) and an operating profit of around HK$325 million ($41.6 million), the return rate is about 3.6%. Both parties have yet to comment on the rumored deal.