Could go for more than HK$2bn
Hong Kong real estate firm Grand Ming Group could potentially sell two of its in-development data centers.
A Letter of Interest, published on June 19, 2025, on the Hong Kong Stock Exchange, pertains to the potential acquisition of Grand Ming subsidiaries Regal Development and Golden Ford.
The identity of the purchaser is not publicly known, but described as a "data infrastructure builder providing hyperscale, tailor-made, and colocation data solutions."
Regal Development owns and is developing iTech Tower 3.1, an almost-complete data center located in the northern town of Fanling.
Golden Ford owns and is developing iTech Tower 3.2, which is in an earlier stage of construction and is also located in Fanling.
Both sites were acquired in July 2020, and each covers around 18,500 sq ft (1,710 sqm). Work started of the first data center in 2022, and when complete, the nine-story iTech Tower 3 is reportedly set to offer capacity for around 1,000 racks across 185,000 sq ft (17,185 sqm).
Regal Development could be bought out for HK$1.5bn ($191m) and Golden Ford for HK$650m ($83m).
Established in 1995, Grand Ming is an investment holding company primarily focused on building construction, including “building design, additional and alteration works, and building service engineering works.”
Aside from its data centers in Fanling, it owns 100,000 sq ft (9,290 sqm) worth of data centers, constituted by the iTech Tower and the iTech Tower 2 in the towns of Tsuen Wan and Kwai Chung, respectively. They are operated through Grand Ming's iTech Tower unit, which launched the first tower around 2008 and the second in 2012.
