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China Overseas Land units ink disposal deals worth more than HK$5B

said its wholly owned subsidiaries inked deals to off-load property companies.

GreatRises entered into an agreement with China State Construction International HoldingsLtd. and its subsidiary, Total Joy Global Ltd., to sell the entire issued sharecapital and loans of Precious Deluxe Global Ltd. for nearly HK$4.81 billion.

In thesecond deal, China Overseas Property Ltd. signed a deal with China Overseas HoldingsLtd. and its wholly owned subsidiary, Viewtime Ltd., for the sale of Treasure TrinityLtd.'s entire issued share capital and loans for an estimated disposal price ofaround HK$507.1 million. Treasure Trinity is a wholly owned subsidiary of ChinaOverseas Property.

The disposalprices are subject to adjustment.

The PreciousDeluxe Global disposal includes the China Overseas Building at 139 Hennessy Rd.and 138 Lockhart Rd. in Hong Kong, while the Treasure Trinity disposal includesthe Hoover Towers development at No. 8 St. Francis Yard, Hong Kong.

The companysaid it intends to utilize the sale proceeds for general corporate purposes.