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Canary Wharf office takes 60% hit in distressed sale

Building bought by Chinese investor in 2017 fell into receivership last year
Cheung Kei Group bought 5 Churchill Place in 2017 for £270mn. A deal has been reached to sell the building for £110mn

A Canary Wharf office building that fell into receivership last year is to be sold at a 60 per cent discount to its last sale price, in a sign of how sharply the value of some London offices has fallen. 

5 Churchill Place, a former Bear Stearns office owned by Chinese investor Cheung Kei Group, was put up for sale last year after being placed into receivership by a syndicate of lenders. 

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