Hong Kong’s Li Ka-Shing Makes Bid to Purchase Devalued China Evergrande Center

China Evergrande is selling the devalued former "Mass Mutual Tower," which it bought in November 2015 for $1.6 billion, with a current market valuation of $1.17 billion. Song Bilong /The Epoch Times

Chinese developer Evergrande is selling its flagship China Evergrande Center in Hong Kong through tender that closed on July 28. The building’s market valuation had dropped to an estimated HK$9 billion (about $1.17 billion). Cheung Kong Asset Holdings Limited, founded by Hong Kong tycoon Li Ka-Shing, confirmed submission of the tender on the same day in a company statement.

In November of 2015, China Evergrande purchased the Mass Mutual Tower from Chinese Estates Holdings for HK$12.5 billion (about $1.6 billion) and renamed it the China Evergrande Center. The landmark office building stands 26-stories tall and has 345,424 square feet of floorspace. It is situated on the northern shore of Hong Kong Island inside the Wan Chai District.