Property deal

HON Kwok Land Investment will acquire a 4,054 square metre property site in Guangzhou for $8.97 million from Chinney Project Management Company.

Hon Kwok said the acquisition represented a good opportunity for the group to make a foray into the Chinese property market.

The site is owned by Peace Pioneer, a wholly owned subsidiary of Chinney Project, whose primary business is ownership of the site.

The deal involves the acquisition of the entire share capital and debts of Peace Pioneer.

A sum of $1.8 million has been paid by Hon Kwok as a deposit, and the balance will be settled by November 30.

A sum of $1.3 million will be paid to the relevant Chinese authorities upon the sale/lease of the property.