Yau Lee gains HK$47m on sale of Kwun Tong property

PUBLISHED : Wednesday, 06 August, 2014, 9:43am
UPDATED : Wednesday, 06 August, 2014, 9:43am

Yau Lee sold a commercial property in Hong Kong for HK$328 million to Wave Team Development, a Hong Kong property investment firm, on Tuesday, Yau Lee announced on Wednesday morning.

The property, located in Kwun Tong with a site area of 9,169 square feet, had a book value of HK$268 million on March 31.

Yau Lee bought it in 2009. The Hong Kong-listed firm, which is engaged in construction, plumbing, renovation, building materials, property investments and hotel operations, will realise a gain of HK$47 million from the sale.

The HK$255 million in net proceeds of the sale will be used for general working capital, investment and business expansion, Yau Lee said.

The firm’s shares, which were suspended on Tuesday, resumed trading on Wednesday and had risen 5.6 per cent to HK$1.71 at 9.32am.