Jingrui Holdings (01862) said it agreed to acquire the entire issued share capital of Property Sky Limited as well as shareholders loans at an initial consideration of HK$1,022 million from Wing Tai Properties (00369) and Nan Fung International Holdings Limited.
The target company indirectly owns a property currently known as Upper Riverside, a serviced-apartment project situated at Pudong, Shanghai, the PRC with a gross floor area of about 19,307 square metres, which is divided into about 97 units and 97 car parking spaces (excluding commercial properties on the 1st and 2nd floors).
Wing Tai Properties is expected to realise an estimated gain of about HK$50.1 million from the disposal.
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