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Johnson Electric signs HK$948M sale deal for Hong Kong property

Johnson Electric Holdings Ltd. agreed to sell the investment commercial property at 14-16 Lee Chung St. in Hong Kong to Fortune Creation Developments Ltd. for an aggregate HK$948 million consideration.

Through its Johnson Properties Ltd. and Bloor Co. Ltd. subsidiaries, the electric group will transfer to its shareholding in Harbour Sky (BVI) Ltd., which owns the property earmarked for divestment.

Completion of the transaction is subject to various conditions including the satisfactory completion of the buyer's due diligence on the targeted property, which was valued at about HK$610 million as of March 31.