CityU joins ranks of schools snapping up Hong Kong offices with Festival Walk buy

City University of Hong Kong has bought an office property in Kowloon for HK$1.96 billion (US$252 million), joining a growing list of educational institutions buying office assets amid depressed prices as the city’s office market shows early signs of stabilising. CityU Limited, a wholly owned subsidiary of the university, acquired the low-rise office block at Festival Walk in Kowloon Tong from Singapore-based Mapletree Pan Asia Commercial Trust. The agreement was signed on December 10, and the...