Hong Kong’s Kitec to be transformed into grade-A offices

Hong Kong, June: A group of investors led by Billion Development and Project Management paid HK$10.5 billion (US$1.35 billion) for Hopewell’s Kowloon Bay Trade and Exhibition Centre (Kitec) in Hong Kong.

The consortium plans to spend HK$20 billion (US$2.56 billion), which includes the acquisition cost, to develop the complex into grade-A offices. The complex now has a gross floor area of 164,400 m2.