Tung agrees to HKMA's HK$3.7 Bln Office Buy

Chief Executive Tung Chee-hwa has approved the Hong Kong Monetary Authority's controversial HK$3.7 billion purchase of premises in International Finance Centre Two for its new offices. The HKMA is in talks to buy floors 77 to 88 of International Finance Center Phase II and the lobbies on floors 55 and 56, which would give it 280,000 sq. ft. of office space and conference and public facilities of 60,000 sq. ft. Joseph Yam, chief executive of the HKMA, had said in April that the plan to buy its own offices using money from the Exchange Fund is a long-term investment that should yield 6 percent to 7 percent a year.

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