HKR International (00480) plans to sell all shares in Qiao Zhu Co., Ltd. for HK$107 million

According to Zhitong Finance App News, Hong Kong Development International (00480) announced that on August 27, 2026, the seller Hanbright Assets Limited (wholly-owned by the company), the company (as the seller's guarantor) and the buyer Apex Future International Limited entered into a sales agreement. According to this, the seller conditionally agreed to sell to the buyer, and the buyer conditionally agreed to purchase the entire issued share capital of the target company Qiao Zhu Co., Ltd. from the seller at a cost of HK$107 million, Adjustments must be made in accordance with the terms and conditions of the sales agreement.

Upon completion, the company will no longer hold any interest in the target company, and the target company will no longer be a subsidiary of the company. Therefore, the financial results of the target company will not be incorporated into the company's comprehensive financial statements after completion.

The target company is a company incorporated in Hong Kong whose sole business is to hold such properties.

Such properties include: (1) a residential unit (including units 229 and 231), with a saleable area of approximately 1480 square feet, located on the 2nd floor of Discovery Plaza (Block C), Discovery Bay, Lantau, New Territories. The property is subject to a two-year lease with an independent third party, which will expire in September 2028; and (2) a residential unit with a useful area of approximately 2786 square feet located on the 14th floor of Century Tower 2, 1 and 1A, Regent Deli, Hong Kong, and a parking space on the 1st floor of Century Tower. A two-year lease signed by Trust's indirect wholly-owned subsidiary will expire in September 2026 and be extended for three months until December 2026.

These properties were purchased by the Group in 2016 and 1996, respectively, at a total acquisition cost of approximately HK$57.7 million, and have always been held by the Group as investment properties. The sale provides a good opportunity for the Company to cash out its investments to obtain return on capital and improve cash flow conditions.