LONDON (Alliance News) - Asian Growth Properties Ltd on Thursday said it has struck a deal to sell Fo Tan properties in Hong Kong for around GBP119.0 million.
Asian Growth said it has sold the Fo Tan development land, in Hong Kong's new territories, to Centralcon Investment Holding (Hong Kong) Co Ltd for an initial GBP24 million, with a further GBP95 million to be paid on completion. The carrying value of the land at the end of August was around GBP80 million, the company said.
After completion of the sale, Asian Growth intends to focus on its other investment projects in Hong Kong and mainland China. It intends to use the proceeds from the sale for future investments and for general working capital purposes.
Asian Growth also said it is trading in line with its expectations for the year to the end of December.
Shares in Asian Growth were untraded early Thursday, having last traded at 14.25 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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