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Emperor International anticipates HK$790M gain from Hong Kong property sale

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Emperor International anticipates HK$790M gain from Hong Kong property sale

Hong Kong-listed developer Emperor International Holdings Ltd. is expecting an unaudited gain of about HK$790.0 million from a subsidiary's sale of a roughly 6,716-square-foot property, along with the buildings on the site, in Hong Kong's Repulse Bay to an affiliate under an approximately HK$828.0 million deal.

Under the agreement, Emperor Corporate Management Ltd. will divest to Future Blossom Ltd. the entire equity interest of Prestige Gold Investment Ltd., which owns the property that has a book value of approximately HK$690.0 million as of Feb. 28, according to a filing.

Emperor International will use a portion of the expected HK$827.0 million net proceeds from the asset sale for loan repayment, general working capital and future business development of the group.

Settlement of the deal is subject to, among other things, the completion of the buyer's due diligence of the asset.