Hong Kong Serviced Apartment Owners Seek Sale for $166 Million

Hong Kong-listed Asia Cassava Resources Holdings Ltd. and veteran property investor Lin Tsz Fung are seeking to sell a commercial building for HK$1.3 billion ($166 million), according to a representative from Asia Cassava.

(Bloomberg) — Hong Kong-listed Asia Cassava Resources Holdings Ltd. and veteran property investor Lin Tsz Fung are seeking to sell a commercial building for HK$1.3 billion ($166 million), according to a representative from Asia Cassava.

The building is currently a serviced apartment called Giada Central, located at 338 Queen’s Road Central in the Sheung Wan district. The joint venture, which is 60% owned by Asia Cassava and 40% by Lin, bought the building in 2018 for HK$1.1 billion.

The owners have been looking to sell since the first quarter of this year, according to the company, which exports dried cassava chips.

Hong Kong’s residential and office sectors are in a downturn amid high interest rates and concerns over the economy. Still, the home rental market has recovered to the strongest in two years amid an influx of mainland Chinese taking advantage of a new work visa program.

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