Chinney Investments, Hon Kwok Land Investment to Sell Hotel in Japan for HK$77 Million

MT Newswires Live

03/05

Chinney Investments (HKG:0216) and Hon Kwok Land Investment (HKG:0160) said they agreed to sell a 10-story hotel building in Osaka, Japan, for HK$77.1 million, according to a Hong Kong bourse filing Wednesday.

The property consists of 55 hotel rooms and is operating as a hotel by an independent hotel operator.

The sale will result in a loss of around HK$6.4 million for Hon Kwok and HK$4.3 million for Chinney Investments.

The companies said they were selling the property to free up capital for opportunities elsewhere.

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