Great Wall Pan Asia jumps 15pc after participation in Link Reit deal unveiled

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Great Wall Pan Asia has emerged as the second-largest shareholder in the joint venture buying shopping centres and car parks from the Link Reit

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Bobo Wong Wai-mui, who runs a shoe shop at H.A. N. D. S shopping centre in Tuen Mun. The Shopping Centre is one of 17 malls that Link Reit will sell for HK$23 billion to a consortium led by Gaw Capital Partners. Photo: Nora Tam

Enoch Yiu

Published: 11:45am, 4 Dec 2017Updated: 10:36pm, 4 Dec 2017

Great Wall Pan Asia Holdings enjoyed a double-digit gain on Monday morning, after announcing it would pay HK$3.19 billion (US$410 million) as part of a joint venture purchasing 17 shopping centres in Hong Kong from Link Reit.

Great Wall Pan Asia, which is part of China Great Wall AMC (International) Holdings, said late on Friday it had agreed to purchase a 29.9 per cent stake in the joint venture that will acquire the Link Reit properties, confirming an earlier report by the South China Morning Post. Shares in Great Wall Pan Asia hit an intraday high of HK$1.94 at midmorning and closed up 7.3 per cent to HK$1.77 in Hong Kong on Monday.

Garden Cruz will own a 51.8 per cent in the joint venture, while Broad Street Investments Holding (Singapore) will own a 18.3 per cent stake. Great Wall Pan Asia will rank as the second-largest shareholder.

The deal requires the approval of Great Wall Pan Asia shareholders.

Ou Peng, chairman of Great Wall Pan Asia, said the deal was to “generate favourable investment returns to the shareholders.”

The company has four investment properties in Hong Kong at present, Ou said in the exchange filing.