13 November, 2015
Mayer Brown JSM acted as the legal adviser for China Life Insurance (Overseas) Co Ltd on its purchase of part of One HarbourGate from Wheelock Properties. The two parties signed the sale and purchase agreement on 12 November 2015.
With the deal valued at HKD 5.85 billion (US$755 million), the purchase represents China Life Insurance's first major outbound investment into Hong Kong's real estate market. It is Hong Kong’s biggest asset deal of the year and also the largest commercial property transaction in the Kowloon area.
Located in Hung Hom, One HarbourGate comprises two 15-floor office towers and two low-rise retail gallery buildings fronting the harbour.
China Life Insurance bought the West Tower and West Villa together with 218 private car park spaces and 11 motor cycle parking spaces of One HarbourGate. The property will become the headquarters of the insurer’s investment arm when construction is targeted to be completed by the end of 2016.
The Mayer Brown JSM team is led by Real Estate partner Ricky Yiu, Real Estate associate Karen So and Real Estate trainee solicitor Whitney Chan.