Property investor Lippo China Resources has sold its 10 per cent stake in the multibillion-dollar residential project Coastal Skyline in Tung Chung to two joint-venture partners in the project.
According to a report by basis point, Lippo China has sold a 9 per cent stake to Recosia and 1 per cent to HKR International for an unspecified sum.
Recosia is a subsidiary of the Government of Singapore Investment Corp (GIC).
After the restructuring, GIC will become the development's major shareholder with a 39 per cent stake, followed by HKR's 31 per cent.
Coastal Skyline has a total floor area of about 2.7 million square feet and will be offered for sale next year.
Lippo China yesterday refused to comment on the deal while an HKR spokesman confirmed the company had taken the 1 per cent stake from Lippo China. She said the deal was completed on September 18 and Lippo China no longer held an interest in Coastal Skyline. However, she refused to disclose the purchase price.