HSBC plans to sell its iconic building at Horniman Circle in South Mumbai
Hong Kong and Shanghai Banking Corporation (HSBC) has put the iconic building at Mumbai's Horniman Circle for sale. Economic Times reported the development citing people familiar with the development. Horniman Circle in Mumbai is an area that features majestic British-built building that are still in fine condition and are used by corporations for businesses. The building up for sale is located near HSBC's India headquarters.
The structure is a beautiful three-storey, neoclassical art deco building. The bank has a 999-year lease for the plot of the building.
Horniman Circle in South Mumbai is a premium area where property prices often go up to the tune of hundred of crores.
Economic Times reported that HSBC is planning to conclude the deal by the end of the year and that the building might fetch Rs 100 crore.
News of HSBC bank's proposed sale of the building has come amid negative sentiments against Chinese corporation in India. The sentiments have been strong ever since the tension between India and China at the Line of Actual Control in Ladakh.
In June and July this year, Indian government banned 59 and 47 chinese apps respectively. There are reports that government is thinking of banning more Chinese apps.
