Top Spring International Holdings' Subsidiary to Sell Property in Hong Kong for HK$250 Million; Shares Down 7%

MT Newswires Live

Nov 26, 2024

Top Spring International Holdings' (HKG:3688) subsidiary Flourish Fortune agreed to sell a land parcel in Kowloon, Hong Kong, and the structures built upon it, to Shang Sin Chun Tong for HK$250 million, a Monday Hong Kong bourse filing said.

The property comprises the land parcel in Kowloon, Hong Kong, registered as New Kowloon Inland Lot No. 812, and the structures built on it.

The real estate developer expects to make a potential loss before tax of HK$69 million from the disposal and plans to use the net proceeds of HK$245 million to repay loans supporting a property project on the property in question and for general working capital.

Shares of the company were down over 7% in recent trade.

Price (HKD): $0.50, Change: $-0.040, Percent Change: -7.41%

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