Next Digital to sell Taipei property

Business | Victor Zhong 27 Nov 2020

Publishing tycoon Jimmy Lai Chee Ying's media company Next Digital (0282) has signed a letter of intent with a buyer - an independent third party - to sell a property in Taipei for NT$1.75 billion (HK$471 million).

Located on Xing'ai Road in the Neihu district of the capital, the property has been used by the group for its business operations in Taiwan, according to the company.

Part of the property is currently being leased out and vacant possession of the property shall be delivered at completion on an "as is" basis subject to the existing tenancy.

The net proceeds from the proposed disposal will strengthen the cashflow of the company and enhance working capital conditions to allow for the reallocation of its resources for future development, Next Digital said.

The two parties will negotiate with a view to entering into the sale and purchase agreement on or before December 11, 2020.

Further details on the terms and conditions will be set out in a further announcement upon definitive agreement, said the company.

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