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Carnival Group unit to sell Hong Kong property holding company for HK$1.9B


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Carnival Group unit to sell Hong Kong property holding company for HK$1.9B

Carnival Group International Holdings Ltd.'s Rising Alliance Investment Group Ltd. unit entered a deal on Dec. 30 to sell the entire issued share capital of Joyous Investment Holdings Ltd. and the loans it owes to Carnival Group, to Gain Wealth Inc. for a total of HK$1.86 billion, subject to adjustments and conditions.

Joyous Investment is the owner of the Joy More Investment Ltd. company, which in turn owns a land parcel at Shouson Hill Road in Hong Kong that was valued at nearly HK$1.57 billion as at Nov. 30, by Jones Lang LaSalle Inc. The land is being used for a residential development, according to a release.

Gain Wealth paid HK$50.0 million as an initial amount on Dec. 14, and will pay the rest of the consideration in installments of HK$136.0 million, HK$314.0 million, HK$1.30 billion and HK$60.0 million. The adjustment amount is set to be paid 10 days after the sale is completed.

The deal is expected to be wrapped up Jan. 14, 2019.

Joyous Investment and Joy More Investment will cease to be subsidiaries of Carnival Group following the completion of the sale.