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Developer Far East Consortium International (0035) said it plans to sell the non-industrial portion including the office portion of a land adjacent to the Kai Tak Sports Park to CLP Group (0002) for HK$3.38 billion.
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The 32,000-square-meter site, which is under development and undergoing construction includes the 16,621.89-sq-m non-industrial portion with offices and the 15,378.1-sq-m hotel portion.
The hotel portion of the land will be assigned to its subsidiary prior to completion of the transaction, it said in an exchange filing last night.
The non-industrial part of the land was accounted for as an investment property in the financial statements and a fair value gain of approximately HK$438 million was recognized based on the mark-to-market value as of September 30, 2021.
It is expected that further fair value gains of approximately HK$500 million will be recognized before and/or upon completion.
This came after its chairman David Chiu Tat-cheong said he will fully withdraw from the daily operation of i-Cable Communications (1097) but may buy some shares to support the TV company in the future.
Local tycoon Henry Cheng Kar-shun spent HK$208.9 million boosting his stake in the i-Cable last month and he took up the role of chairman while Chiu became vice-chairman this month.
Chiu said he thinks Cheng will be the right person for the job and he is pleased to see that Cheng wants to push i-Cable to the next level.
