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Wing Tai units to sell industrial asset for HK$2.2B

Wing Tai Properties Ltd units Baudinet Investment Ltd. and Zofka Properties Ltd. agreed to sell an industrial property to Sunny Global Development Ltd. for about HK$2.16 billion.

The Winner Godown building, completed in 1988 at a cost of HK$208.3 million, has a gross floor area of about 497,100 square feet.

The company intends to use the proceeds from the transaction to expand its business and for general corporate purposes.

The deal is expected to close on or before March 28, 2018.