Developer Hong Kong Resorts International has sold a property located in the Sheung Wan building in neighbouring Hong Kong (pictured) for nine times its purchasing price, raking in HK$750 million, according to the group’s filing with the Hong Kong Stock Exchange.
The developer should make approximately HK$675.6 million off the sale, having held the property for 15 years, according to a mention in the Hong Kong Economic Times.
The purchaser is Blue Sapphire Global Limited, a limited liability company incorporated in the British Virgin Islands.
The property is located on the 22nd Floor of China Merchants Tower in the Shun Tak Centre and had housed HKR International’s operations, with the group shuffling around staff to two other buildings in order to facilitate the sale, given that it was formerly headquartered on the floor sold.
HKR International is primarily known for developing Discovery Bay, on Lantau island in Hong Kong, and also operates in the MSAR via a 57 per cent equity interest in Health & Care (Macau) Dental Group Limited.
The group’s most recently published results reveal that it received HK$823.9 million in profit for the financial year ending March 31, having achieved revenue amounting to HK$2.23 billion during the period, a 15 per cent decline year-on-year.
