OUE has paid HK$146.4 million ($24.5 million) to raise its stake in its Hong Kong-listed associate Gemdale Properties and Investment Corp.

According to OUE on May 12, it paid 28 HK cents per share in cash for 530 million GPI shares.

This brings OUE's stake in GPI from 25.88% to 29.07%.

As at Dec 31 2024, GPI had an NTA of HK$1.14 per share.

OUE says the acquisition has no material impact on its own NTA, which was $4.16 as at Dec 31 2024.

OUE says the current share price of GPI does not fully reflective of China's and Gemdale's long-term potential in the country's real estate sector.

The further investment allows OUE to "maintain access and exposure" to the real estate market in China and provide itself a continued opportunity to leverage on future potential collaborations and partnerships with the GPI group.

OUE shares closed at 95 cents on May 9, up 0.53% for the day but down 6.86% year to date.

GPI shares closed at 27 HK cents on May 9, down 3.64% for the day and down 5.36% year to date.