Companies

Hang Seng Bank buys Shanghai premises for 510m yuan

(Xinhua)
Updated: 2010-05-21 13:48

HONG KONG - Hang Seng Bank (China), a subsidiary of Hang Seng Bank, has agreed to purchase about 7,000 square meters of office and retail space, together with naming and signage rights for the building, in Shanghai's financial district for 510 million yuan ($74.67 million), the Hong Kong-based bank said.

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In a statement filed to the Hong Kong stock exchange after the trading hours on Thursday, Hang Seng Bank said its subsidiary will use the new premises as its headquarters for the Chinese mainland.

Hang Seng Bank (China) brought the premises from HSBC Bank (China), a subsidiary of HSBC, which is also the controlling shareholder of Hang Seng Bank.

Hang Seng Bank said relocation of its headquarters was good for its long term development and achievement of the strategies in the Chinese mainland.