Emperor International sold Shau Kei Wan plot at HK$688 mln

Emperor International Holdings (163) sold a Shau Kei Wan plot at HK$688 million.

The site, located on 67-77 Nam On Street, was originally occupied by three adjoining old buildings with an aggregate site area of approximately 5,900 square feet.

It is expected to record a gain of approximately HK$214.1 million from such disposal.

Net proceeds will be used for future business development of the group and as general working capital. The transaction is expected to be completed on April 29 next year.

Donald Cheung, Executive Director of Emperor International, said: “The Project is a residential class A site, which the Group started to acquire earlier and has unified the ownership in the middle of this year.”

“The net proceeds from the disposal will not only enhance the financial position of the Group, but also provide additional reserve for investment in quality and potential projects in the future.”