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Kerry buys HK$696.7m of assets
1 May 2008
South China Morning Post

Kerry Properties has agreed to buy a 71 per cent stake in several Hong Kong Island properties for HK$696.73 million for redevelopment.

The company said it would form a joint venture with the original owner to redevelop the properties into a single high-end residential-retail project.

The properties have a total site area of 13,263 square feet.

Kerry Properties said it had acquired 71 per cent and a shareholders' loan in Fancy Win and its subsidiaries, which own numbers 2, 4, 8, 10 and 12 on Li Sing Street, 1, 3, 3A, 5 and 5A on Wilmer Street and 185, 187, 189 and 189A on Queen's Road West.

The sellers are Golden Snow and Peterson Holdings, which are ultimately owned by businessman Yeung Sai-hong.

Kerry Properties said total investment for the redevelopment of the three projects would not be more than HK$1.27 billion. With a 71 per cent stake, the company's share would be about HK$907 million.

The company said it would fund the investment from internal resources and bank borrowings.

It said the funding requirement was not expected to have any material impact on the company.

Kerry Properties is controlled by the Kuok Group, the controlling shareholder of the SCMP Group, which publishes the South China Morning Post.

24 July 2008







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