Powerlong Real Estate to Sell 25% of Property Manager for HK$361 Million

MT Newswires Live

01/27

Powerlong Real Estate (HKG:1238) said it agreed to sell a 25% interest in its Powerlong Commercial Management (HKG:9909) unit to its associate Prime Capital Investment, according to a Hong Kong bourse filing Tuesday.

The firm agreed to sell the stake for HK$360.8 million in cash.

Powerlong CM is a provider of commercial management operational services in China. It also provides property management services for residential properties, office buildings and serviced apartments.

The disposal will help fund the company's previously announced debt restructuring, Powerlong said.

The sale is subject to shareholder approval and Powerlong CM will remain a non-wholly owned subsidiary of the company following completion.

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