US government is selling property in Hong Kong

The US government is selling its ownership in one of the most exclusive neighborhoods in Hong Kong, a State Department representative said in an email, Report says, citing Bloomberg.

"The State Department's Bureau of Overseas Buildings Operations regularly reviews the US Government's overseas real estate holdings as part of its global reinvestment program," the representative said.

The property, which comes with several mansions, is located in Shouson Hill, south of Hong Kong Island, and is valued at HK$10 billion ($1.3 billion), according to news site HK01, which first reported the sale. Some of the city's wealthiest tycoons own properties in the area.

The State Department is also investing in enhancing other US government-owned assets in Hong Kong, including the US Consulate General's office building, according to the statement.

The US government purchased the property in 1948, records lodged with the Land Registry show.

Earlier, US President Donald Trump announced a new round of attacks on China on Friday. It included stripping Hong Kong's special privileges with the US, in response to China's efforts to stabilize the city with its national security law.

"I am directing my administration to begin the process of eliminating a policy that gives Hong Kong different and special treatment," Trump said. "This will affect the full range of agreements, from our extradition treaty to our export controls on dual-use technologies and more, with few exceptions," he detailed.