Shui On Land (00272) to sell two Wuhan projects to CITIC

    Shui On Land (00272) said it agreed to sell two commercial projects in Wuhan, Hubei for Rmb3,365 million and Rmb1,134 million to CITIC Pacific China Holdings Limited, an indirect wholly-owned subsidiary of CITIC Limited (00267).
  CITIC China shall have the right to further purchase certain underground car parking spaces of the two projects for Rmb153 million.
  The first project is a commercial project under construction located at the land parcel of Lot A123 in the Jiang'an District, Wuhan, Hubei, the PRC, which comprises a super high-rise tower for office and hotel uses, together with certain portion of the podium, with a saleable GFA estimated to be 177,116.6 square metres.
  The second project is a commercial project located at the land parcel of Lot A123 in the Jiang'an District, Wuhan, Hubei, the PRC, which comprises a tower for office use, together with certain portion of the podium, with a saleable GFA estimated to be 55,053.1 square metres.
  The Shui On Land Group anticipates that it will realise a gain of about Rmb200 million in 2020 from the disposal of the first project and a gain of about Rmb173 million in 2016 from the disposal of the second project. The Shui On Land Group intends to apply the proceeds to repay bank loans and for working capital purposes.