Citibank posts US$41.1 million windfall from selling a Hong Kong outlet, in a sign that commercial property market is bottoming out

Citibank sold a shop in Hong Kong’s Central business district at a profit of HK$320 million (US$41.1 million) last month, according to Land Registry records.The shop, Unit A on the ground floor of Wheelock House, was acquired by Shiny Profit Limited for HK$710 million. Citibank (Hong Kong), which has been occupying the shop for years, bought it from a company called Yeebo Technology in December 2004 for HK$390 million.“This transaction is a commercial decision based on our global real estate…

Citibank posts US$41.1 million windfall from selling a Hong Kong outlet, in a sign that commercial property market is bottoming out
Citibank sold a shop in Hong Kong’s Central business district at a profit of HK$320 million (US$41.1 million) last month, according to Land Registry records.The shop, Unit A on the ground floor of Wheelock House, was acquired by Shiny Profit Limited for HK$710 million. Citibank (Hong Kong), which has been occupying the shop for years, bought it from a company called Yeebo Technology in December 2004 for HK$390 million.“This transaction is a commercial decision based on our global real estate…