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Wang On Properties, unit sign HK$350M deal to sell 4 Hong Kong retail assets

Wang On Properties Ltd. and its subsidiary, East Run Investments Ltd., entered into a deal to sell a portfolio of four retail properties in Hong Kong to Guidepost Investments Ltd. for a combined HK$350.0 million, subject to certain conditions.

The assets for sale are owned by East Run subsidiaries Shiny World Investment Ltd., Wang To Investments Ltd., Oriental Sino Investments Ltd. and Precious Investments Ltd., with respective saleable floor areas of 791 square feet, 712 square feet, 1,204 square feet and 1,318 square feet. Guidepost's parent, Wai Yuen Tong Medicine Holdings Ltd., is a tenant at the Oriental Sino property.

Under the deal, Guidepost will acquire all of the issued share capital of each of the property's owners and will also assume the corresponding shareholder loans. The transaction is expected to close on or before March 29, with the target companies ceasing to be Wang On Properties subsidiaries.