A unit of Chinese mainland e-commerce giant JD Inc has agreed to purchase a 50 percent stake in the Hong Kong Special Administrative Region’s CCB Tower for HK$3.5 billion ($450 million) from Lai Sun Development Co.

Hong Kong-based Lai Sun Development entered into an agreement to sell the stake in the 27-story office tower to Jasmine Investment Development IV Ltd, a company incorporated in the British Virgin Islands, according to a statement on Tuesday night.

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Documents from UK and German authorities have listed Jasmine Investment as a subsidiary of JD.

JD is optimistic about its business prospects in Hong Kong, a spokesperson said, without commenting on the transaction.

Mainland tech companies are taking advantage of a downturn in Hong Kong's commercial real estate market to purchase offices at lower prices. Alibaba Group Holding Ltd and Ant Group Co said in October that they would acquire part of an office tower for about $925 million.

Lai Sun Development has been seeking to offload assets to improve liquidity. It said early this year that it planned to dispose of about HK$8 billion of assets over the next two years.

Lai Sun Development’s dollar bond climbed about 6 cents to 76.5 cents on the dollar Wednesday morning following media reports on the transaction, according to data compiled by Bloomberg. The rally is on track for its biggest daily jump since issuance.