By Joanne Chiu
Swire Properties Ltd. (1972.HK) has agreed to sell commercial property in Hong Kong's Kowloon Peninsula for 6.53 billion Hong Kong dollars ($841.7 million).
The property flagship of Hong Kong-listed conglomerate Swire Pacific Ltd. (0019.HK) said after markets closed Friday that it plans to sell its entire 100% stake in Star Wing International Ltd., which owns a site in Hong Kong's Kowloon Bay, to Lucky Melody Ltd. The site is being developed into a 25-storey commercial building above a three-storey car park basement.
Swire Properties is expected to book a HK$1.17 billion gain from the disposal, it said.
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(END) Dow Jones Newswires
October 30, 2016 21:37 ET (01:37 GMT)
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