Chinese energy investor ditches Li-Ka Shing office tower sale

New investors Hui Wing Mau and Pollyanna Chu Yuet Wah will take 20% and 17% stake to fill in the vacuum.

Bloomberg reports that state-owned China Energy Reserve & Chemicals Group has reportedly pulled out of a record high $5.2b deal to buy out billionaire Li Ka-Shing’s 73-storey luxury skyscraper in Central. 

The gap however is sufficiently addressed as Hui Wing Mau, chairman of developer Shimao Property Holdings Ltd., and Pollyanna Chu Yuet Wah, the billionaire co-founder of Kingston Financial Group Ltd., will join the consortium as new investors, taking 20% and 17% stake respectively. 

It remains unclear why China Energy backed out of the record-high deal although the pull-out happened against the background of intensified regulatory scrutiny from Mainland authorities.

Here’s more from Bloomberg:

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