Media Centre

2014/10/7
Acquisition of an industrial building in Kwai Chung

(Hong Kong, 3 October, 2014) Emperor International Holdings Limited (“Emperor International” or “the Group”) (Stock code: 163) announced that it has entered into the sale and purchase agreement for the acquisition of a building located at No. 45-51, Kwok Shui Road, Kwai Chung, New Territories (the “Property”), at the consideration of HK$418,000,000, subject to net asset value adjustment.

The Property is a 12-storey industrial building with a total gross floor area of approximately 124,555 sq.ft.. The Group intends to use it as property investment purpose and looks for potential revitalization plan on it in the long-run.

Such acquisition is expected to be completed on or before 2 January 2015. The consideration was determined at arm’s length transaction mainly by reference to the prevailing market value of similar properties in the same area in the New Territories.

Mr. Donald Cheung, Executive Director of Emperor International, said, “The Property is located at the prominent area nearby key junction in the Kwai Chung district, which is one of the best traffic areas in the New Territories. Such acquisition is a good opportunity for the Group to expand its property investment portfolio and widen its rental revenue base.”