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Hon Kwok Land (00160) sells Guangzhou land, resumes trd
25 Jan 2017
(Infocast News) Chinney Investments (00216) and Hon Kwok Land (00160) announced jointly that Hong Kwok Land agreed on 19 January 2017 to sell the entire issued share capital of the BVI Target, Smooth Ever Investments, to Shenzhen-listed company Sunshine City Group at a HKD equivalent of RMB3.181 billion, subject to adjustments.

Smooth Ever Investments owns 75% stake in the PRC Target, Guangzhou Honkwok Hengsheng Land Development, which owns the Land, which comprises land parcels in Dongguang Zhuang, Tian He District, Guangzhou, Guangdong Province, the PRC.

The real-estate development project of the Land mainly consists of residential apartment buildings, a club building, and other public construction buildings (e.g. the bus terminus, the market complex, the nursery school, the primary school and the secondary school etc.).

Chinney Investments and Hon Kwok Land expects the disposal to strengthen their financial position and enhance their cashflow.

Application has been made to the Stock Exchange for the resumption of trading in the shares of each of Chinney Investments and Hon Kwok on the Stock Exchange with effect from 9:00 a.m. on 25 January 2017.

(WL)
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