Hong Kong Metropolitan University has recently announced its acquisition of the Cheung Kei Center, a distressed commercial property previously owned by tycoon Chen Hongtian. The university, formerly known as the Open University of Hong Kong, has committed a significant amount of funds, approximately HK$2.6 billion (around $334 million), for this purchase.

This acquisition is noteworthy as it comes after China Mobile Hong Kong had also shown interest in the property, indicating the competitive nature of the commercial real estate market in the region.

The deal was signed on Monday and is expected to be finalized by the end of the year.