Swire Properties Focusing on Core Portfolio, Asset Disposal in Kowloon Bay
Swire Properties reported it entered an agreement to dispose of the company’s interest in a commercial project located in Kowloon Bay for HKD 6.5 billion. Swire Properties is expected to net a disposal gain of HKD 1.2 billion. The payment is staggered with 10% deposit, 10% due in 90 days, 5% due upon preletting. The remaining 75% is due upon the project’s completion, which is expected to be by the end of 2018. The disposal does not materially change the company’s valuation. We make no changes to...
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