The spiralling US-China trade war and a shock drop in local property prices effectively killed Chinese entrepreneur Chen Chang Wei’s bid to finance the HK$15 billion $1.92 billion purchase of two Hong Kong office towers, according to people familiar with the deal.
Enter Gaw Capital Partners the private equity fund has agreed to buy 49% of the two skyscrapers according to a filing on November 2 without disclosing the price it paid. The move is the latest in a decades-long track record of moving in on distressed sellers who are struggling to make payments on property loans or secure funds for acquisitions.
“Oftentimes when...
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