June 15, 2018 / 1:32 PM / 6 months ago

Swire Properties to sell two Hong Kong office towers for nearly $2 billion

SINGAPORE (Reuters) - Swire Properties Ltd (1972.HK) plans to sell two office towers in Hong Kong for HK$15 billion ($1.9 billion) to Henglilong Investments Ltd, the latest deal in one of the world’s most expensive commercial property markets.

Swire Properties entered into an agreement to sell its entire 100 percent stakes in Cityplaza Three and Cityplaza Four, located on Hong Kong’s main island, Swire said in a filing to the Hong Kong stock exchange on Friday.

“The disposal will enable Swire Properties to realise cash from its investment in the sale interest. The proceeds from the disposal will be applied towards the general working capital requirements of Swire Properties,” it said.

The announcement came after the Hong Kong markets closed.

Swire Properties shares closed 5.35 percent higher, outperforming the Hang Seng Index's .HSI 0.43 percent fall.

($1 = 7.8493 Hong Kong dollars)

Reporting by Hong Kong newsroom; editing by David Evans

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