Fuxing China Group says its wholly-owned subsidiary, Fook Hing Group Trading Co. (FHG), today entered into a sale and purchase agreement with Hong Kong-incorporated company Deckford to acquire a property located on the 16th Floor of Tower II, Enterprise Square, No. 9, Sheung Yuet Road in Kowloon for HK$52 million ($9.7 million).

The property has a gross floor area of 12,878 square feet or saleable/rentable area of 11,813 square feet.

Fuxing China says the acquisition of the property is in line with the company’s long-term plan to expand its sales office and trading business in Hong Kong. The potential increase of property rental fees in Kowloon and market value could also offer some form of steady income for the group.

Deckford currently rents out two units of the property to other tenants. FHG would continue as landlord upon its acquisition.