November 2025

Ardgour Capital Services Ltd., alongside Carlton Property Limited, (together 'Carlton Ardgour') have been working with Mandarin Oriental Hotel Group to undertake strategic asset management advice for One Causeway Bay since January 2025. We are therefore very pleased that this process has resulted in the recently announced landmark sale of the top 13 floors plus 50 car parks and rooftop signage of the property to Alibaba Group Holding Limited and Ant Group Co. Ltd. for a total purchase consideration of US$925million.

This deal marks the largest office building transaction in Hong Kong since 2021, and is a major statement of confidence in the SAR's ongoing attractiveness as a global gateway city for both major technology and finance companies. It also continues Mandarin Oriental Hotel Group's asset-light strategy and will enable a significant return of capital to shareholders.

This transaction is a validation of the work that has been done by both Guy Fulton and Andrew Taylor in working with the team at One Causeway Bay. Congratulations to all involved, including the teams at MOHG, Jardine Matheson, Hong Kong Land, and JSM. We look forward to our continuing involvement in the asset.