High Fashion sells godown

HIGH Fashion International will sell an industrial godown building in Tsuen Wan for $69.5 million.

The sale of the building, with a site area of 9,855 square feet, will result in a surplus of about $16 million over the net book value of the property of $53.48 million as at September 30.

The sales proceeds will be used to repay the outstanding secured loan facility of about $30 million, with the balance used for other investments and general working capital.