By Joanne Chiu

Cheung Kong Property Holdings Ltd. (1113.HK) has agreed to sell a 25% stake in Reliance LP., which operates the Canadian building equipment services provider Reliance Home Comfort, for 714.92 million Canadian dollars ($565.3 million).

Cheung Kong Property said after markets closed Friday that it agreed to sell the quarter stake in Reliance to CK Infrastructure Holdings Ltd. (1038.HK). The proposed sale, which comes after Cheung Kong Property completed the acquisition of a 100% stake in Reliance, would require approval from CKI's shareholders, it added.

Separately, Cheung KongProperty, which is controlled by tycoon Li Ka-shing, said it plans to change its English name to "CK Asset Holdings Ltd." in order to better reflect its strategy to achieve sustainable business growth and value creation through investments that include property, infrastructure, and aircraft leasing businesses.

Write to Joanne Chiu at

(END) Dow Jones Newswires

July 16, 2017 20:12 ET (00:12 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.