Xu Rongmao sells the entire floor of Libao Center for 253 million, holding the property for 13 years before exiting at a loss

Shimao Group (00813.HK) founder Xu Rongmao holds a full floor of the Jinzhong Libao Center on the 38th floor, with an area of approximately 18,085 square feet. It is rumored that the property was sold for about HKD 253 million, with a transaction price of only about HKD 14,000 per square foot, depreciating by half over 13 years, resulting in a loss of about HKD 252 million upon exit.

According to information, Xu Rongmao of Shimao Real Estate purchased the entire floor of the Libao Center in 2013 for HKD 505 million, to be used as the group's office. At that time, the purchase price per square foot was approximately HKD 27,923. It is reported that the property is located on a high floor, enjoying a panoramic view of Victoria Harbour, making it a relatively rare full-floor listing in the market.

It is understood that during the peak of the office market in 2018, it was rumored that a consortium offered HKD 1 billion to purchase the floor, but the deal ultimately did not materialize