Foreign Property News | Posted by Hnin Ei Khin
CM Capital Corp, the US-based family office of Hong Kong’s billionaire Cha clan has purchased a $117.5 million office building in downtown .
Palo Alto, California from a local joint venture, paying one of the highest prices per square foot for a Silicon Valley office property so far in 2018, according to an account in US real estate news site The Registry.
The Cha family, famed for their control of Hong Kong Resorts International –the developer of the Discovery Bay residential community on Lantau Island –purchased the three-story office building at 530 Lytton Ave in the hometown of Stanford University for the equivalent of $2,136 per square foot ($22,992 per square metre).
The purchase of the full-city block property gives the Hong Kong clan,who have been investing in US real estate through CM Capital since 1969,control over a pair of adjacent properties in the corporate home of HP,Tesla and other tech giants.
Doubling Your Money in Silicon Valley Without Hiring Developers CM Capital, which was founded by the Cha family’s late patriarch Cha Chi Ming, purchased the 17,178 square foot (1,595 square metre) property from a joint venture between local investment firms Blox Ventures and Law & Associates for nearly double the $52.9 million that the group had paid to purchase the office building in 2015.
Ref : Property Report
