Assets
Mixed-use · Hong Kong, China (Hong Kong SAR)

International Finance Centre (ifc) complex — Two ifc, ifc mall & Four Seasons Hotel

—, Hong Kong, China (Hong Kong SAR)
Partial
Current value
$5.00B
▲ 0.0% 1-yr (modeled)
Cap rate
4.85%
▼ 0 bps vs 4.85% submarket
NOI · derived
$242.5M
Value $/SF
$1,000
$4.02B$4.29B$4.56B$4.83B$5.11B201920202021202220232024Modeled trajectory — no observed history
sourcedmodeled0 of 6 sourced

Ownership & debt

Ownership transparency

Recorded chain
Recorded owners
IFC Development Limited (consortium)
Fee simple
Sun Hung Kai Properties (largest stake, ~47.5%)
HK · Public company limited by shares · Equity interest
Henderson Land Development (~32.5%)
Equity interest
The Hong Kong and China Gas Company (Towngas) (~20%)
HK · Public company limited by shares · Equity interest
Ultimate beneficial owner — as recorded
IFC Development Limited
Beneficial interest
Joint: Sun Hung Kai Properties (HKEX: 0016), Henderson Land Development (HKEX: 0012), and The Hong Kong and China Gas Company / Towngas (HKEX: 0003)
Beneficial interest
Corporate structures from GLEIF LEI Level-1/Level-2 data (CC0, golden copy 2026-07-26). Methodology

Debt

17-bank syndicate; mandated lead arrangers (HKD1bn each): Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, HSBC, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corporation, United Overseas Bank
HKD 10 billion (approx. US$1.29 billion) 3-year syndicated term loan facility to IFC Development Limited, signed Feb 16, 2012 (3-year term implies ~2015 maturity; loan likely since repaid/refinanced) · matures 2015
—
Securitized debt — SEC loan tape
No SEC ABS-EE loan-level filing is matched to this asset. Public loan tapes exist only for SEC-registered CMBS — most large-asset debt is 144A-private, balance-sheet or agency financed and files none.

Financials

Modeled from sourced NOI, debt & rent inputs
Current cash-on-cash
4.85%

Tenants & leasing

Hong Kong Monetary Authority (owner-occupier of 14 floors of Two IFC — 55th, 56th and 77th–88th floors — bought outright for ~US$480M in 2001, incl. the 55th-floor HKMA Information Centre; an owner-occupier rather than a leasing tenant)
Per-tenant lease detail arrives with disclosed stacking plans.

Underwriting

Assumptions — user inputs, not sourced data: 5-year hold · exit cap +25 bps vs today · 3.0% NOI growth per year.
Assumptions — user inputs, not sourced data
Hold period
Exit cap vs today
+25 bps
NOI growth / yr
3.0%
Unlevered IRR
7.1%
Exit cap
5.10%
Exit value
$5.51B
Exit NOI
$281.1M
Unlevered IRR sensitivity — exit cap Δ × NOI growth
Exit Δ2.0%2.5%3.0%3.5%4.0%
-25 bps7.9%8.5%9.0%9.5%10.1%
0 bps6.9%7.5%8.0%8.5%9.0%
+25 bps6.0%6.5%7.1%7.6%8.1%
+50 bps5.2%5.7%6.2%6.7%7.2%
+75 bps4.3%4.8%5.4%5.9%6.4%
Modeled output — not investment advice. Derived from the assumptions above, not sourced claims.

Provenance footnotes

  1. Current value: Estimated — no sourced claim on file.
  2. Cap rate: Estimated — no sourced claim on file.
  3. NOI: Estimated — no sourced claim on file.
  4. $/SF: Estimated — no sourced claim on file.
  5. GLA: Estimated — no sourced claim on file.
  6. Ownership — IFC Development Limited (consortium): Single source — en.wikipedia.org · https://en.wikipedia.org/wiki/International_Finance_Centre_(Hong_Kong)
  7. Ownership — Sun Hung Kai Properties (largest stake, ~47.5%): Single source — en.wikipedia.org · https://en.wikipedia.org/wiki/International_Finance_Centre_(Hong_Kong)
  8. Ownership — Henderson Land Development (~32.5%): Single source — en.wikipedia.org · https://en.wikipedia.org/wiki/International_Finance_Centre_(Hong_Kong)
  9. Ownership — The Hong Kong and China Gas Company (Towngas) (~20%): Single source — en.wikipedia.org · https://en.wikipedia.org/wiki/International_Finance_Centre_(Hong_Kong)
  10. Debt — 17-bank syndicate; mandated lead arrangers (HKD1bn each): Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, HSBC, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corporation, United Overseas Bank: Single source — hld.com · https://www.hld.com/en/our-news/press-releases/ifc-development-limited-hkd10-billion-three-year-syndicated-term-loan-facility
  11. Tenant — Hong Kong Monetary Authority (owner-occupier of 14 floors of Two IFC — 55th, 56th and 77th–88th floors — bought outright for ~US$480M in 2001, incl. the 55th-floor HKMA Information Centre; an owner-occupier rather than a leasing tenant): Single source — en.wikipedia.org · https://en.wikipedia.org/wiki/International_Finance_Centre_(Hong_Kong)

Modeled figures — LTV, debt yield, DSCR, cash-on-cash, occupancy, WALT, tenant concentration and every underwriting output are derived arithmetic, not sourced claims. Underwriting outputs follow the assumptions printed in the panel — user-editable inputs, not observations. Not investment advice.

Anchoring begins when the asset enters the live ledger.