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Sun Hung Kai Properties to sell stake in Hong Kong office towers for HK$939.9M

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Sun Hung Kai Properties to sell stake in Hong Kong office towers for HK$939.9M

Sun Hung Kai Properties Ltd. will sell a 25% stake in office towers to be built in Hong Kong for HK$939.9 million to a company co-owned by its founding Kwok family members, who are substantial shareholders of the property developer, a Dec. 16 filing said.

The towers, which will have a gross floor area of around 261,600 square meters, will comprise a commercial or retail portion, office facilities, parking spaces and ancillary accommodation.

In November, the Hong Kong property developer won the about 59,746-square-meter parcel at the junction of Lin Cheung Road and Austin Road West in Kowloon in an auction with a HK$42.23 billion bid.