Yingda Property Sells Jakarta Asset for $400 Million

Yingda Property has announced the sale of its rental property, Pacific Century Place in Jakarta, for $400 million, equivalent to approximately HKD 3.12 billion. According to Ming Pao, the buyer is CMBI, a subsidiary of China Merchants Bank, which will acquire the property through a limited partnership fund as a general partner. Yingda Property estimates that the total expenses and taxes related to this sale will amount to around HKD 117 million. The proceeds from the transaction will be used to reduce debt, allocate more resources to lower ongoing borrowing costs, and invest in ongoing and potential residential projects in Japan, Thailand, and Hong Kong. Additionally, the funds will be used to enhance working capital. As this transaction is considered a very significant disposal, it requires approval from a shareholders' meeting.