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Wednesday, Sep 23, 2020

U.S. Government Is Selling Property in Exclusive Hong Kong Area

U.S. Government Is Selling Property in Exclusive Hong Kong Area

The U.S. government is selling its property in one of the most exclusive neighborhoods in Hong Kong, a State Department representative said in an email.
The decision comes as protests continue to rock Hong Kong and tensions rise between the U.S. and China over new Beijing-backed national security legislation in the city.

“The State Department’s Bureau of Overseas Buildings Operations regularly reviews the U.S. Government’s overseas real estate holdings as part of its global reinvestment program,” the representative said.

The property, which comes with several mansions, is located in Shouson Hill, south of Hong Kong Island, and is valued at HK$10 billion ($1.3 billion), according to news site HK01, which first reported the sale. Some of the city’s richest tycoons own properties in the area.

The State Department is also investing in enhancing other U.S. government-owned assets in Hong Kong, including the U.S. Consulate General’s office building, according to the statement.

The U.S. government purchased the property in 1948, records lodged with the Land Registry show.
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