HKR International (HKG:0480) agreed to sell its stake in Moonstone Hill and Garnet Property for nearly HK$1 billion, according to a Hong Kong bourse filing Monday.

Shares of the firm gained nearly 3% in morning trade Tuesday.

The company is selling its stake in Moonstone Hill for HK$452 million, while the Garnet Property stake is being sold for HK$536 million.

Moonstone Hill is the holding company of a main house and three associated houses in Hong Kong's Discovery Bay City. The firm also owns two private cars and two golf carts.

Garnet Property holds a main house and four associated houses in Discovery Bay City, as well as two private cars and two golf carts.

HKR International expects to use the proceeds from the sale for property development and general working capital.