Renze Harvest International (HKG:1282) unit Ultra Glory Investments agreed to sell a property in Hong Kong to Grand Dahlia for around HK$46.6 million.

The commercial property, comprising Unit 1909 in Tower 2 of Lippo Centre in Hong Kong, is currently being held by the group for rental purposes, according to a Friday filing with the Hong Kong bourse.

The company plans to use proceeds from the disposal, expected to be completed by Dec. 28, to repay its existing indebtedness.