Hang Lung Properties sells Stanhope House to AIA for HK$2.4b

Insurance giant AIA Group is buying Stanhope House in Quarry Bay from Hang Lung Properties for HK$2.4 billion.

With a floor area of 299,615 square feet, the price tag translates into HK$8,003 per square foot.

AIA would use the premises for its "own office usage and investment purposes", the company said in a statement.

The transaction is expected to be completed by December 11.

Eric Ong, a director at Midland Realty's commercial department, said the price was reasonable.

via Business feed http://www.scmp.com/business/companies/article/1065364/hang-lung-properties-sells-stanhope-house-aia-hk24b