Henderson Land Development (00012) said it agreed to sell the hotel known as Newton Inn, No.88 Chun Yeung Street, North Point, Hong Kong to Shun Ho Property (00219) for HK$1,000 million.
It is expected the Group will record an estimated gain on disposal of about HK$696 million. The net proceeds from the disposal (after expenses) are intended to be used by the Group as general working capital.
Shun Ho Property said it does not intend to run the hotel business being operated in the property itself but will seek to lease the property to a hotel operator for a medium term. Because of its excellent location for retail, commercial and entertainment, the management of Shun Ho Property has a long-term plan to convert or rebuild the superstructure for a first class retail commercial building with an area of 143,342 square feet at appropriate time for long term investment.
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