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China Resources reportedly set to acquire K11 Art Mall in Hong Kong

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.

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