Wheelock & Co. (0020.HK) said late Wednesday that its unit Wharf (Holdings) Ltd. (0004.HK) has agreed to sell a commercial property site for 9.0 billion Hong Kong dollars ($1.15 billion).
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The Hong Kong listed investment holding company said Wharf's unit New Grade Investments Ltd. plans to sell the commercial site in Hong Kong's Kwun Tong district to a unit of LVGEM (China) Real Estate Investment Co. (0095.HK). The site is currently being constructed into a commercial complex known as "8 Bay East", it said.
Wheelock expects to record a gain of around HK$2.8 billion from Wharf's disposal.
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(END) Dow Jones Newswires
October 11, 2017 20:05 ET (00:05 GMT)