March 9, 2018 / 1:26 AM / 9 months ago

HK's Wheelock to buy site from HNA unit for $811 mln

HONG KONG, March 9 (Reuters) - Wheelock and Co Ltd said on Friday it would buy a residential site from a HNA Group unit for HK$6.36 billion ($811.1 million), as the developer expands its development property portfolio in Hong Kong’s Kai Tak area.

Wheelock will buy a 7,318 square metre (78,770 square foot) residential site from Omnilink Assets Ltd, a unit of the HNA controlled Hong Kong International Construction Investment Management Group Co Ltd (HKICIM), the developer said in a filing to the Hong Kong bourse.

The deal will be funded by the group’s internal resources and bank borrowings, the Hong Kong-based developer added.

HKICIM bought the site for HK$5.53 billion in January last year.

Trading in shares of HKICIM have been suspended on Friday.

In February, HKICIM said it would sell two land parcels in Hong Kong to Henderson Land Development Co for HK$16 billion as the Chinese conglomerate ramps up asset disposals to address a liquidity crunch. ($1 = 7.8412 Hong Kong dollars) (Reporting by Donny Kwok Editing by James Pomfret and Stephen Coates)

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