Hong Kong property investment company Gale Well Group will sell Jade Beach Villa at Chung Hom Kok in the city for HK$2 billion, The Standard reported Wednesday.
The developer will put up the villas for sale to reduce its debts amid high interest rates, the report said.
Gale Well Chief Executive Officer Jacinto Tong Men-leung said the debt reduction is part of the normal course of business, the report said.
Tong, however, did not disclose how much the company is in debt, The Standard said.
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