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Wharf unit to sell Hong Kong mixed-use project for HK$9B

Wharf (Holdings) Ltd. unit Greater Honour Ltd. agreed to sell a mixed-use development project in Hong Kong to LVGEM (China) Real Estate Investment Company Limited subsidiary Pace Ascend Ltd. for HK$9.00 billion.

The roughly 55,390-square-meter site at 123 Hoi Bun Road, Kwun Tong in Kowloon is under construction and will include retail, office and parking spaces, along with a public vehicle park. It will be called 8 Bay East.

Wharf parent Wheelock and Co. Ltd. expects to record a roughly HK$2.8 billion attributable gain from the deal, and net sale proceeds will go toward Wharf's general working capital requirement.