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Hong Kong’s Lofter Group is moving closer to building a HK$1.9 billion ($242 million) commercial tower in Kowloon, having this week applied for a compulsory sale to acquire full ownership of an ageing building in Jordan with a pair of local partners, which media reports identified as private equity firm Alphalex Capital Management and Primas Asset Management.

Having acquired more than 90 percent ownership in the 60-year-old property at 19 to 21 Nanking Street, which is said to be valued at HK$109 million ($13.8 million), should the acquisition under Hong Kong rules streamlining acquisitions of aging properties succeed in winning full ownership of the property, Lofter and its partners would be set up to build a Grade A office building just north of Hong Kong’s Tsim Sha Tsui area.

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