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Hong Leong Asia subsidiary disposes China asset for $28.3 mil

Felicia Tan
Felicia Tan9/30/2020 06:15 PM GMT+08  • 1 min read
Hong Leong Asia subsidiary disposes China asset for $28.3 mil
Shares in Hong Leong Asia closed 1.5 cents lower, or 3.2% down, at 45.5 cents on September 30.
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Hong Leong Asia’s subsidiary Airwell Air-Conditioning Technology (China) Co. has divested its asset in Taicang, China, for a total cash consideration of RMB141 million ($28.3 million).

Airwell Air-Conditioning Technology on September 30 entered into a sale and purchase agreement (SPA) with Taicang Loucheng High-tech Group for the sale of its property at No. 82 Guangzhou East Road, Taicang, China and the state-owned construction land use rights, home ownership rights and the facilities and assets attached to the property.

The property has a remaining leasehold tenure of around 41 years and a total gross floor area (GFA) of about 149,293.3 sqm for industrial use.

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