Cheung Kong (1113) announced that it will sell the development project named "21 BORRETT ROAD" at 21 Borrett Road for 20.766 billion yuan. It is estimated that the proceeds from the sale will be about 6.3 billion yuan.
Changshi issued an announcement that the sale involved 152 residential units, 242 residential parking spaces and 31 motorcycle parking spaces.
The buyer is Sino Suisse Capital Pte., a Singapore company
Cheung Kong believes that the Disposal will allow the Company to realise its investment in the Target Group and development projects, and the buyer's loan will facilitate the completion of the transaction.
In June 2011, Cheung Kong purchased the Borrett Road land for 11.65 billion yuan, and the land price per square foot was 26,763 yuan.
Li Zeju, the then vice-chairman and managing director of Cheung Kong, was asked after the auction if he felt that he was "holding to the level".
