Mainland school operator leases Kowloon tower as talent influx drives city’s education boom
A Hong Kong-listed educational group has completed the largest commercial property leasing deal so far this quarter, as the sector benefits from an influx of immigrant and expatriate families to the city, according to CBRE. The tenant agreed to occupy and transform the entire Tower B at the China Life Centre in Hung Hom, Kowloon into a purpose-built education complex spanning about 36,400 sq ft,…
A Hong Kong educational conglomerate has successfully leased the entirety of Tower B at the China Life Centre in Kowloon, marking the largest commercial property deal of the quarter, according to CBRE. The tenant, a top-tier non-tertiary school operator from mainland China, will transform the 36,400 sq ft space into a state-of-the-art education complex.
Frederick Lai, senior director for capital markets at CBRE, highlighted the successful transformation of the commercial asset to cater to Hong Kong's growing educational demands. The company's decision to invest in Hong Kong comes as the city faces a shortage of school spots for children of expatriates and immigrants, driving the education sector's role in real estate investment and leasing.
Since 2022, when 280,000 new residents arrived via talent schemes, 37% of total education investments, including student housing conversions and commercial property acquisitions, have been made in the city. Savills, on the other hand, has recently sold Smart A, an eight-storey education-themed property in Kowloon, for HK$320 million to Hong Kong-listed apparel manufacturer Crystal International Group.
The property boasts a monthly rental income of over HK$1.3 million, with further rental improvements expected once remaining units are leased up.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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