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Wharf to purchase residential property in China for HK$1.36B

Wharf (Holdings) Ltd. agreed to buy a residential property development in Fuyang, Hangzhou, China from a subsidiary of Wheelock & Co. Ltd. for HK$1.36 billion.

The company will purchase the 298,288-square-meter Fuyang Project which comprises villas, townhouses, duplexes and apartments, according to a Dec. 17 release. The property has a total gross floor area of roughly 328,436 square meters.

Wharf will fund the acquisition with internal resources and borrowings.