HK's Wheelock to buy site from HNA unit for $811 mln

Tysan Holdings

09/03/2018 01:15

HONG KONG, March 9 (Reuters) - Wheelock and Co Ltd  0020.HK 
said on Friday it would buy a residential site from a HNA Group
 HNAIRC.UL  unit for HK$6.36 billion ($811.1 million), as the
developer expands its development property portfolio in Hong
Kong's Kai Tak area.
    Wheelock will buy a 7,318 square metre (78,770 square foot)
residential site from Omnilink Assets Ltd, a unit of the HNA
controlled Hong Kong International Construction Investment
Management Group Co Ltd  0687.HK  (HKICIM), the developer said
in a filing to the Hong Kong bourse.
    The deal will be funded by the group's internal resources
and bank borrowings, the Hong Kong-based developer added.
    HKICIM bought the site for HK$5.53 billion in January last
year.  
    Trading in shares of HKICIM have been suspended on Friday.  
    In February, HKICIM said it would sell two land parcels in
Hong Kong to Henderson Land Development Co  0012.HK  for HK$16
billion as the Chinese conglomerate ramps up asset disposals to
address a liquidity crunch.  urn:newsml:reuters.com:*:nL4N1Q306U
($1 = 7.8412 Hong Kong dollars)

 (Reporting by Donny Kwok Editing by James Pomfret and Stephen
Coates)
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters
Messaging: donny.kwok.reuters.com@reuters.net))