Innovation platform buys Hong Kong office tower as state-linked buyers seek bargains

The acquisition of a Hong Kong office tower by an innovation platform backed by Ningbo’s city government has reinforced analysts’ expectations that mainland government-linked institutions could play a bigger role in the city’s commercial property market, where prices remain depressed. Land Registry records show Yonggang Science and Technology Innovation Centre reached an agreement with receivers on June 25 to buy the Konnect office building in Wan Chai for HK$800 million (US$102 million) – about...