China Merchants Commercial REIT (“CMC REIT”), sponsored by China-based China Merchants Shekou Industrial Zone Holdings Co., Ltd., has acquired the 29-key Habyt Austin Avenue on Austin Avenue, Tsim Sha Tsui in Hong Kong, for approximately HKD206 million. This translates to approximately HKD7.1 million per key. The 19-storey property has a total gross floor area of around 2,165 square metres (“sqm”) and is located in close proximity to Hong Kong Polytechnic University. According to CMC REIT, the asset was valued at HKD213 million as at November 2025, implying the acquisition was completed at a discount of approximately 3.3% to the latest valuation. Following the acquisition, the property will be repositioned into a purpose-built student accommodation scheme comprising approximately 85 beds, with lower floors reconfigured into shared living and communal spaces. The acquisition marks CMC REIT’s first entry into the student housing sector in Hong Kong.
