The Executive Centre (TEC) has paused its sale process due to the massive Hong Kong protests that have continued in the city for a third month.
The Hong Kong-based office provider’s owners, HPEF and CVC Capital Partners, have decided to halt final bids until the city stabilizes.
These increasingly violent protests began as an opposition to an extradition bill, which has now been withdrawn. Over the weekend, police fired tear gas and rubber bullets in the Central business district, which houses many TEC offices.
In April, TEC was reportedly seeking a valuation of over $750 million and is on course to produce EBITDA of $46 million for this year according to a source.