Kowloon Development's (HKG:0034) subsidiary Best Award Investments acquired the entire issued share capital of two property investment companies, Dynamic Summit, and Sunny Palace, from Mighty Lion Holdings for HK$88.9 million, a Friday Hong Kong bourse filing said.

The consideration includes the assignment of loans, owed to the vendor by the sold targets, to the purchaser. The transaction also involves the transfer of properties held by the target companies.

Upon the completion, the target companies have become subsidiaries of the company and with the transfer of the properties' ownership, the group now owns over 90% of the undivided shares in the remaining portion of sub-section 4 of section M of Kowloon Marine Lot No. 28.

The company plans to increase its land bank and create new business opportunities for future development in an urban redevelopment project located on the lot.