Walk through Central, Hong Kong, and you’ll see plenty of glass towers. Most of them look the same after a while. But then there’s The Center. It’s that massive, star-shaped skyscraper that basically glows at night with those neon LED strips. It’s not just a building; it’s a weirdly accurate thermometer for how the city’s economy is actually doing.
Honestly, it’s iconic.
Standing at 346 meters, it’s currently the fifth-tallest building in Hong Kong. But height isn't why people talk about it. They talk about it because of the money. Back in 2017, Li Ka-shing, the legendary "Superman" of Hong Kong business, sold it for a staggering HK$40.2 billion. At the time, that was the most expensive single-building real estate deal in world history. It was a massive statement. It told the world that Hong Kong real estate wasn't just expensive—it was untouchable.
Since then? Things have gotten a bit more complicated.
What Actually Makes The Center Special?
If you're looking for the building, you’ll find it at 99 Queen’s Road Central. It was completed in 1998, designed by Dennis Lau & Ng Chun Man. Most people don't realize that it's one of the few skyscrapers in the city that is entirely steel-structured without a concrete core. That gives it a certain vibe—sleek, modern, and very industrial-chic.
The floor plates are massive. We’re talking about roughly 25,000 square feet of column-free space. For a hedge fund or a law firm, that’s basically the dream layout. You can see everything. You can hear the hum of the city.
But it's the light show that defines it for the average person on the street. The facade is covered in low-voltage neon tubes that change colors. On a Tuesday night, it might be a deep blue; on a public holiday, it’s a pulsing rainbow. It’s flashy. It’s loud. It’s exactly what Hong Kong was built to be.
The 2017 Deal: A Moment of Peak Hubris or Genius?
You can't talk about The Center without talking about that 2017 sale. CK Asset Holdings sold it to a consortium called C.H.M.T. Peaceful Development Asia Property Limited.
It was a wild group of buyers. You had some mainland Chinese investors, a couple of local tycoons like "Queen of Shells" Pollyanna Chu, and even a guy who reportedly sold some of his stake later to buy a private jet. It was peak Hong Kong. The logic was simple: prices only go up.
But then the world changed.
High interest rates hit. Work-from-home became a thing, even in a city as office-obsessed as Hong Kong. Some of the investors who bought into that record-breaking deal found themselves in a bit of a squeeze. They started strata-selling the floors. Instead of one owner, you suddenly had a bunch of different owners on different levels.
This changed the dynamic of the building. It wasn't just one giant corporate monolith anymore. It became a marketplace. You could buy a floor, or half a floor, or even just a few thousand square feet if you had the cash.
The Reality of Vacancy and Rents
Let's be real for a second. The office market in Central has been through the wringer. According to reports from firms like JLL and Colliers, vacancy rates in Grade A offices in Central have ticked up significantly over the last few years. The Center hasn't been immune to this.
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While the building is still prestigious, you’re seeing more "for lease" signs than you would have a decade ago. Rents that used to be astronomical—sometimes north of HK$100 per square foot—have faced downward pressure. Some owners are getting creative with incentives. Free fit-outs, longer rent-free periods, you name it. It's a tenant’s market now, which is a weird thing to say about one of the most famous buildings on the planet.
Why Location Still Wins Every Time
Despite the market jitters, The Center has one thing you can't replicate: location. It sits right on the edge of Central and Sheung Wan.
This is the sweet spot.
You’ve got the high-end power lunches at the Landmark just a few minutes away. You’ve got the cool coffee shops and art galleries of Sheung Wan right behind you. It’s connected to the elevated walkway system, meaning you can walk from the office to the IFC or the Star Ferry without ever breaking a sweat or getting rained on. That infrastructure is the secret sauce of Hong Kong’s business district.
Who is actually inside?
It’s a mix. You’ve got:
- Global law firms that need the prestige address.
- Crypto companies that love the high-tech, neon aesthetic.
- Family offices managing billions for the region’s ultra-wealthy.
- Logistics giants and mainland Chinese state-owned enterprises.
Goldman Sachs used to have a big presence here before moving more operations over to the ICC in Kowloon. That move by Goldman was a bit of a turning point. It proved that firms were willing to leave the traditional "core" for better deals or more modern facilities. But The Center fought back by leaning into its status as a landmark.
The Architectural Quirk Nobody Notices
Next time you’re near the building, look at the base. It’s not just a lobby. There’s a public open space—a sort of plaza—that the developers were required to build. In a city where every square inch is worth a fortune, these "Public Open Spaces in Private Developments" are fascinating.
It provides a weirdly quiet pocket in the middle of the chaos. You’ll see office workers eating overpriced salads next to messengers taking a break. It grounds the building. It makes this glass-and-steel giant feel like it actually belongs to the city, not just the people with the badges to get through the turnstiles.
Is it Still a Good Investment?
If you’re a billionaire looking for a trophy asset, The Center is still on the list. But the days of "buy today, flip tomorrow for 20% profit" are gone.
Smart money is looking at the long game. The building is undergoing constant tech upgrades. ESG (Environmental, Social, and Governance) is the new buzzword in real estate. Owners are investing in better air filtration and energy-efficient lighting to keep those picky multinational tenants happy.
There’s also the "Northern Metropolis" and "Greater Bay Area" (GBA) integration to consider. As Hong Kong ties itself closer to Shenzhen and Guangzhou, the demand for office space in the "Primary Core" might change shape, but it won't disappear. Central is still Central. There is a certain level of deal-making that only happens when you can walk to your competitor's office in five minutes.
How to Experience The Center Without Paying Rent
You don't need to be a CEO to appreciate the building.
- The Night View: Head over to the Tsim Sha Tsui promenade across the harbor around 8:00 PM. The Center is a key player in the "Symphony of Lights" show. Its vertical LED strips make it easy to spot.
- The Walkway: Use the elevated walkway from the IFC. It gives you a great perspective of the building's scale as you approach.
- The H6 CONET: This is an inner-city community space located within the building's footprint. It’s got seating, local art, and clean bathrooms (a rarity!). It’s a great example of how these mega-structures are trying to be more "human."
Actionable Insights for Navigating the Market
If you’re actually looking into office space here or just curious about the business side of things, keep these points in mind.
For Businesses: Don't take the first "asking price" you see for a floor in The Center. Because there are multiple owners, you can often play them against each other. One floor might be owned by a distressed investor who needs cash now, while the floor above is owned by a long-term holding company that won't budge on price. Research the specific landlord of the unit you're looking at.
For Investors: Look at the yield, not just the capital appreciation. Hong Kong real estate has traditionally been a low-yield, high-growth play. That’s flipping. You want to see stable occupancy and tenants with 5-year plus leases.
For Tourists/Architecture Fans: The lobby is impressive, but security is tight. You won't get to the top floors unless you have an appointment. However, the surrounding streets of Sheung Wan offer the best "angle" for photos that capture the building's height against the older, low-rise walk-ups nearby.
The story of The Center is essentially the story of Hong Kong itself. It’s flashy, it’s expensive, it’s had some high-profile drama, and people are always predicting its downfall. Yet, it’s still standing, still glowing, and still the place where some of the biggest checks in Asia are signed. It’s not just a skyscraper; it’s a monument to the city’s relentless, slightly chaotic, but always profitable energy.