Agricultural Bank buys Hong Kong office for $630 million

50 Connaught Road

Agricultural Bank of China ABC has bought an office building in Hong Kong’s prime business district for HK$4.9 billion $629 million as the lender continues to flex its muscles outside China.

ABC will use the 28-storey building in Central as its Hong Kong headquarters and is the first of China’s big four banks to have direct 100% ownership of its office building in Hong Kong. China Construction Bank CCB has invested HK$1. 8 billion, alongside Hong Kong developer Lai Sun Development, for a 50% share of the former Ritz-Carton hotel plot.

Bank of...