Hysan Development Company Limited (Hysan) disclosed that its wholly owned subsidiary, Kwong Wan Realty, signed three preliminary sale-and-purchase agreements on 3 July 2026 to offload a trio of residential units at the Bamboo Grove development on Kennedy Road, Mid-Levels, Hong Kong. The aggregate consideration totals HK$126.28 million, with all buyers classified as connected persons under Hong Kong’s Listing Rules due to their relationships with two independent non-executive directors (INEDs).
Unit details and pricing • Unit 1 (1,451 sq. ft.) was sold to Purchaser A, a company wholly owned by the spouse of INED Ms Chung Cordelia, for HK$36.33 million, marginally above an independent valuation of HK$36.00 million. • Unit 2 (1,503 sq. ft.) went to Purchaser B, held equally by Ms Chung’s son and daughter-in-law, for HK$37.70 million versus a valuation of HK$37.50 million. • Unit 3 (2,084 sq. ft.) was acquired by INED Ms Wong Ching Ying Belinda for HK$52.25 million, slightly above its HK$52.00 million valuation.
Payment and completion schedule For Units 1 and 2, buyers have paid initial 5% deposits and will settle the balances by or before 1 June 2027. Unit 3 follows a longer timeline, with completion slated on or before 24 May 2028 after a staged 10% deposit structure.
Financial impact Book values of Units 1, 2 and 3 stood at HK$26.98 million, HK$27.94 million and HK$38.69 million, respectively, as of 31 December 2025. Hysan expects a combined disposal gain of about HK$32.70 million, with net proceeds earmarked for general working capital. For 2025, the three units collectively generated approximately HK$1.93 million in net rental profit before tax.
Regulatory considerations Each buyer qualifies as a connected person, rendering the transactions connected under Chapter 14A of the Listing Rules. As all percentage ratios fall below 5% (but exceed 0.1%), the disposals require announcement and reporting only; no independent shareholders’ approval is necessary. The INEDs with interests—Ms Chung Cordelia (Disposals 1 & 2) and Ms Wong Ching Ying Belinda (Disposal 3)—abstained from the relevant board votes.
Strategic context Bamboo Grove, comprising 345 residential units and 436 parking spaces, has historically been held for leasing. Since August 2025, Hysan has been executing a phased divestment of two blocks within the development, aligning with its ongoing portfolio management strategy.