智通财经网·2025-10-20 08:17Core Viewpoint - Morgan Stanley reports that Hong Kong has recently recorded its largest office building sale in years, with the sale of the top 13 floors of One Island East to Alibaba-W (09988) and Ant Group for HKD 7.2 billion [1] Group 1: Market Impact - The transaction is expected to stabilize the capitalization rate of Hong Kong's office buildings and reduce commercial real estate risks to some extent [1] - The estimated monthly rent for the property is assumed to be HKD 65 per square foot, with a capitalization rate of 3.3%, comparable to the average rates in Wanchai or Causeway Bay [1] Group 2: Company Implications - The sale will likely impact Wharf Real Estate Investment Company (01997), as Alibaba's lease at Times Square is set to expire in 2028, suggesting a potential relocation [1] - Morgan Stanley believes that more leading companies from mainland China may be interested in purchasing office properties in Hong Kong for their regional or non-mainland headquarters [1] Group 3: Beneficiaries - The stabilization of Hong Kong's office capitalization rates is expected to benefit major office leasing developers such as Hongkong Land and Swire Properties (01972) [1]