Wheelock (0020) has revealed in a filing to the Hong Kong Stock Exchange that subsidiary Wharf (0004) has sold all the shares in its New Grade unit to mainland developer LVGEM (China) Real Estate Investment (0095) for HK$9 billion.
New Grade holds the non-residential development 8 Bay East, a project under construction in Kwun Tong. That comprises retail and office space plus parking. The permitted gross floor area of the development is 55,390 square meters.
Wheelock said the money from the sale will put the group in a strong position as it continues with its major investment programs.
In 2015 Wheelock sold One HarbourGate, an office tower in Hung Hom, to China Life Insurance for HK$5.85 billion.