Properties

Hong Kong – Wheelock and Company Limited (WAC) and China Life Insurance (Overseas) Company Limited (CLIO) have signed a sale-and-purchase agreement for the en-bloc West Office Tower and West Retail Villa at One HarbourGate at 18 Hung Luen Road, Hong Kong for HK$5.85 billion, marking the largest single office tower purchase in Kowloon. One HarbourGate, which is currently under development by Wheelock Properties, comprises two Grade-A full seaview office towers and two retail villas. The West Office Tower offers 15-storey, totaling approximately 357,000 square feet gross area. The West Retail Villa offers 2-storey, totals approximately 36,000 square feet gross area. The construction of One HarbourGate commenced from December 2013, the whole development comprises two Grade-A office and two retail villas, providing a total gross area of 675,000 square feet. The project is expected to be completed by the end of 2016. West office tower of One HarbourGate will be served as the headquarters for CLIO upon its completion. Douglas Woo, Chairman of WAC, said: “One HarbourGate is perfectly located in a premier commercial hub along the world-renowned waterfront, enjoying the panoramic seaview of Victoria Harbour. We are delighted that CLIO has shown their confidence in Hong Kong and WAC by acquiring the West Office Tower and West Retail Villa of One HarbourGate as the strategic base of their operation in Hong Kong, and as one of the major investment in their global portfolio. Such significant and long-term investment will definitely enhance Hong Kong’s status as an international financial and business centre. Wheelock strives to provide multinational corporations and the Fortune 500 companies with top-notch offices, offering state-of-the-art provisions and sustainable working environment in pivotal business hubs.”

Mr. Liu An Lin, Deputy Chairman and President of CLIO, said “The business growth of CLIO has been overwhelming in recent years. We are No. 1* in the market in terms of annualized premiums of new business for 2 consecutive years. With strong financial strength, our asset value is more than HKD150 billion. By implementing the “One Belt, One Road” initiative, China Life Group has started the internationalisation strategy plan. Being the platform for business internationalisation, our future development is highly treasured by China Life Group. We are glad to purchase One HarbourGate, which is our brand-new flagship property in Kowloon. This is a milestone for CLIO which shows China Life Group’s confidence in the Hong Kong market.” Wheelock Properties possess proven experiences in developing premier Grade-A offices. In addition to One HarbourGate, the group has an impressive “Kowloon East Waterfront Portfolio” including the newly completed One Bay East (83 Hoi Bun Road), the current redevelopment of former Wharf T & T square (123 Hoi Bun Road) and the Kowloon Godown (1-3 Kai Hing Road), spanning a 500-metre coastline in the promising new CBD.

* Source: Office of the Commissioner of Insurance, 2013 – 2014 Provisional Statistics on Hong Kong Long Term Insurance Business (New Business, Individual Life)

Wheelock and Company Limited (HKSE: 0020) Founded in 1857, Wheelock and Company Limited is a listed investment holding company headquartered in Hong Kong . Wharf Holdings (HKSE:0004), the Group’s principal investment, is strategically focused on property and infrastructure in Hong Kong and China. Wheelock Properties is a wholly-owned subsidiary of Wheelock and Company Limited, its core business includes the undertaking of property development, sales and marketing, and asset management functions of the Group’s property development in Hong Kong. The company has a current landbank in Hong Kong in excess of 8.2 million square feet.

For further details, please visit www.wheelockcompany.com and www.wheelockpropertieshk.com

China Life Insurance (Overseas) Company Limited (abbreviated as “CLIO”) is a wholly-owned subsidiary of China Life Insurance (Group) Company (abbreviated as “China Life Group”), the largest financial insurance corporation in China. For 13 consecutive years, the parent company is a Fortune Global 500 company, which ranked 94 in 2015, with brand value of over RMB 182 billion. CLIO sets up its branch in Hong Kong since 1984 which has been providing faithful services in Hong Kong for 30 years. Our business covers 3 main categories, including insurance, investment as well as provident fund service. With "China" as its brand name, we promise to deliver longterm commitment and total protection solutions to our customers. In 2014, our premium income reaches HKD30 billion, with a breakthrough in agency force of over 3,000 people. At present, our asset value is more than HKD150 billion. In November 2014, CLIO's prudent financial management and stable outlook are underscored by the ratings accredited by the following international rating agencies, including: Moody's - "A1" insurance financial strength rating; Standard & Poor's - "A+" long-term local currency issuer credit rating and insurer financial strength rating.

For further details, please visit www.chinalife.com.hk