UOL Unit Divests Tianjin Pan Pacific Hotel to Private Buyer for RMB 238 Million

MT Newswires

01/30

UOL's (SGX:U14) unit, Tianjin UOL Xiwang Real Estate Development, agreed to dispose of the Pan Pacific Tianjin hotel, located in China, to purchaser Jiang Yang for 238 million yuan; this also includes the land use right and a basement unit.

The purchaser made an initial deposit of around 23.8 million yuan upon signing the agreement, according to a Friday filing with the Singapore Exchange.

The divestment of the 319-room hotel is part of the company's strategy to reconstitute its overall property portfolio.

Meanwhile, the transaction is slated for completion by April 1, the filing said.

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