Vobile Acquires Top Floor of Bank of America Tower at Major Discount
Vobile Group Acquires Top Floor of Hong Kong’s Bank of America Tower at a Discount
Vobile Group, an Emmy-winning technology firm that helps Hollywood studios protect and monetize online video, has made a significant move in Hong Kong’s commercial real estate market. The company recently purchased the 37th floor of the Bank of America Tower in Admiralty for HK$198 million (US$25.4 million), according to Land Registry records. This acquisition marks a rare opportunity for a high-end office space in Central, available at a steep discount.
The deal values the space at approximately HK$19,000 per square foot, which is more than 60% below its peak valuation. The unit spans about 10,500 square feet and includes two private sky gardens totaling roughly 3,076 square feet. The property was vacant before the sale and was acquired through Vobile Investment II (HK) on November 25.
Bernard Wang Yangbin, founder, chairman, and CEO of Vobile, expressed satisfaction with the purchase. “The location is nice, the size is perfect, and the price is also pretty good,” he said. Wang emphasized that as the company plans to remain in Hong Kong long-term, buying rather than renting makes strategic sense.
Founded in Silicon Valley, Vobile gained recognition in 2017 for winning an Emmy Award for its work in combating video piracy. Its technology relies on patented VDNA, which creates unique “fingerprints” and hidden “watermarks” in videos to protect copyright for movie studios, TV networks, and streaming platforms.
The new Central office will consolidate Vobile’s existing rented premises, which are spread across locations including Times Square and the Hong Kong-Shenzhen Innovation and Technology Park. Although the company does not have a large team in Hong Kong, the central location will enhance capital operations and meetings with partners. The usable office area is about 6,000 to 7,000 square feet, slightly larger than the firm’s current Times Square office.
This acquisition comes just two months after Vobile signed an agreement with Hong Kong’s Office for Attracting Strategic Enterprises, a government body established in 2022 to attract overseas companies. The deal also coincides with a trend of highly leveraged property owners offloading prime commercial assets to cut debt amid a prolonged slump in office prices.
Pricing pressure at the building has been evident. A unit on the 35th floor, also owned by Winland Group, changed hands in November for HK$18.5 million, or about HK$16,818 per square foot, marking a more than 15-year low and nearly 70% below the building’s 2019 peak.
Tommy Chan, a senior director at Savills and the agent for the deal, noted that top-floor office units in Central are rarely available and that prices are now “reasonable” after the market hit a decade low in 2024. Recent transactions suggest that demand is shifting towards end users rather than investors, particularly as interest rates ease and leasing costs remain high due to one-off renovation expenses.
Banks are still cautious about lending for commercial properties, so buyers tend to be companies with strong balance sheets and sufficient cash. Commercial building transactions rebounded in 2025 after plummeting to a decade low in 2024, as interest rate hikes and sluggish office rents kept investors on the sidelines. As of December 15, 747 deals were recorded—a 39% rise from last year—with a total value of around HK$36.4 billion, up 38% from 2024.
Despite subdued transactions, falling prices have drawn in well-capitalized firms. Several big-ticket deals have been recorded in the fourth quarter alone. Alibaba and Ant Group agreed to pay HK$7.2 billion to buy the top 13 floors and 50 parking spaces at One Causeway Bay from Mandarin Oriental Hotel Group, the largest real estate transaction since 2021. OCBC Bank also agreed in November to buy the entire China Huarong Tower in Chai Wan from Emperor International for HK$1.16 billion, with plans to occupy the building after the current lease ends.
Experts expect office prices to remain broadly flat in 2026, although some districts may face downside risks of up to 5%. More strategic buyers are likely to enter the market while prices remain attractive, with forecasts of about 240 office transactions in the first quarter of 2026 worth around HK$6 billion.
Recent filings also point to renewed deal-making at the top end of the luxury residential market. HKR International announced it had agreed to sell its entire interests in two property-holding subsidiaries for a combined HK$988 million. The subsidiaries own two luxury houses in Discovery Bay, with one sold fully furnished for HK$536 million and the other, House D, never decorated or occupied. Both deals included two private cars and two golf carts.
HKR stated the disposals would allow it to realize investment gains and recycle capital amid changing market conditions, with net proceeds of about HK$935 million earmarked for property development and general working capital.
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