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Star Properties Group unit agrees to sell Hong Kong site for HK$980M

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Star Properties Group unit agrees to sell Hong Kong site for HK$980M

Star Properties Group (Cayman Islands) Ltd.'s indirect wholly-owned subsidiary agreed to sell a site at Tsuen Wan in the New Territories of Hong Kong to 1 Plus 13 Investment Co. Ltd. for HK$980 million.

Inventive Rainbow Ltd. will sell the entire issued share capital of Rainbow Red Holdings Ltd., which is the sole owner of the site at 11-15 Chai Wan Kok St.

Star Properties expects to make roughly HK$380 million before tax upon completion of the sale, which is anticipated in the first half of 2020.