Wang On Group (HKG:1222) called a meeting of shareholders to seek approval for the sale of stake in two joint ventures and the formation of a new joint venture with the purchasers, according to a Hong Kong bourse filing Thursday.

Shares of the property developer rose nearly 9% in recent Friday trade.

Shareholders were asked to convene on Tuesday, Aug. 12, to deliberate on the sale of 20% stakes in Fortune Harbour and Mega Hope and assign 20/35 of the loan owed by the JVs to ADPF Holding and its associate ADPF Investment.

The company is selling the stakes for HK$86.4 million and HK$0.80 million for total proceeds of HK$87.2 million, respectively, and the move will reduce its holdings from 35% to 15% in the JVs.

Meanwhile, Wang On plans to partner with ADPF to jointly invest in student accommodation projects in Hong Kong.

Under the previously announced agreement, the company will set-up co-investment vehicles with ADPF with a 85:15 ratio split, of which ADPF will be responsible for the bulk of investment.

ADPF has committed $100 million for the venture and the company has committed $18 million via its indirect wholly-owned unit Prime Resonance.