Chinese magnates buy up London's skyscrapers: Walkie-Talkie is in order.
Billionaire Cheung Chung Kiu intends to buy out half of the business center at 20 Fenchurch Street, that is known as the Walkie Talkie Tower.
Hong Kong's development company CC Land, which is owned by Chinese billionaire Cheung Chung Kiu, has applied for purchase of 50% stock of the London business center 20 Fenchurch Street at a price of 600 million pounds sterling. If the deal is done, it will be the second big purchase of the Chinese magnate in London this year: in March, CC Land bought out the whole skyscraper Cheesegrater (the official name of the business center is 122 Leadenhall Street), which cost was 1.15 billion pounds sterling.
CC Land is not the only applicant for the controlling stock of Walkie-Talkie, and the dispute over it will be conducted solely by Asian companies. The Singapore investment fund Temasek and the Hong Kong company Lee Kum Kee also are among the contenders. The latter is especially aggressive now according to buyout of commercial property in London. Kee Kum Lee claims to purchase the Gherkin skyscraper in addition to Walkie Talkie. The Gherkin skyscraper was put up for sale in April again. And the company became the owner of an office building at 3 Harbor Exchange in Dockland at the end of last year.
The current co-owner of the business center 20 Fenchurch Street, Land Securities said that it is not particularly interested in selling its stock, since the building brings good revenue (operating income increased from 362 to 382 million pounds sterling for the year), so bidders are ready to fight until the very last, raising the stakes.