Tomahawk, WI 06/18/2014 (Basicsmedia) – Citigroup Inc (NYSE:C) paid a $697 million to Wheelock & Co. for erecting a splendid office tower in Hong Kong that can house 5K employees, under one roof. The property is located in Kowloon, Hong Kong and the 512,000 square foot tower is scheduled for completion within December 2015.
The Hong Kong Purchase
Weber Lo, the CEO of Citigroup Inc (NYSE:C) for Hong Kong and Macau commented that the building shall bring together all office staffs spread out across the city. As the number of incumbent employees keeps increasing by manifolds every passing year, C opted to step up and bring all of them together.
Hong Kong is one of the eight top notch markets in Asia, where the bank notches up $1 billion worth sales per annum. Stephen Bird, C’s A-PAC CEO retorted in a statement on June 16 that this purchase wholly underlines the conviction and confidence that the bank has on Hong Kong’s continued growth into the future, and would certainly help C develop this business hub into a center for core regional businesses.
Citigroup’s Social Stance
C has taken up a myriad of social development drives in the past – developed an exquisite application to help people find parking lots, expand distribution of basic amenities and food to the needy, forge a collaborative initiative to create a college savings account with a first deposit of $50 for all toddlers in the kindergarten.
C continues to carry them out with consistency and afloat optimism. Lately, it is coordinating and partnering a New Cities Summit wherein emeritus and keynote speakers would discuss about the inception of technology and the future of cities.
Investors Anticipate Citi’s Gains
FY 2014 has evolved as a watershed year for Citigroup Inc (NYSE:C); it reached is 5-year high of $55.28 per share in this fiscal. Though it severed a dip thereafter, the stock has started regaining itself off late. C has further announced that it would share its Q2 earnings review on July 14 and fixed-income-investor review on July 18, 2014. The traders seem pumped up by C’s latest endeavors – the million dollar purchase of a building in Hong Kong and a corporate partnership of the New Cities Summit in Dallas; eventually share price has increased fractionally.