Wharf to Sell Commercial Site in Hong Kong for HK$9.0 Billion

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).

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.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

October 11, 2017 20:05 ET (00:05 GMT)