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OUE boosts stake in Gemdale Properties with HK$978M investment

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OUE boosts stake in Gemdale Properties with HK$978M investment

OUE Ltd. invested nearly HK$978.2 million to grow its shareholding in Gemdale Properties and Investment Corp. Ltd. to about 21.8% from roughly 14.8%.

The Singapore-based property developer's Beacon Ltd. subsidiary bought 1,111,551,000 ordinary shares at a consideration of 88 cents apiece, which will be settled wholly in cash.

In a news release, OUE noted that the investment in Gemdale Properties allows it to boost its access and exposure to China's real estate market.