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Hanison Construction buying Hong Kong property for HK$740.8M

Hanison Construction Holdings Ltd. subsidiary Oriental Effort Ltd. agreed to purchase the property at No. 29 Jervois St. in Hong Kong from Citadines Mercer (Hong Kong) Pte. Ltd. and CapitaLand Ltd.'s The Ascott Holdings Ltd. for an aggregate consideration of HK$740.8 million.

The transaction will involve the transfer to Oriental Effort of the paid-up share capital and shareholder loan of Excel Chinese International Ltd., which holds the 28-story Citadines Mercer Hong Kong serviced residence building with 55 guestrooms and a total gross floor area of 37,933 square feet, according to an Oct. 11 filing.

The acquisition is expected to be completed Nov. 8.