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Kerry Ppt(00683) buys 5 land parcels at HK$7.768B
17 May 2019
(Infocast News) Kerry Properties Limited(00683) said that on 17 May 2019, Bright Beyond, a wholly-owned subsidiary of the Company, successfully
won the Land Bid to acquire the land use rights of the five Land parcels through public bidding at the Consideration of approximately RMB6,814 million (approximately HK$7,768 million), which will be settled in cash. Accordingly, the Confirmation Notice was issued to Bright Beyond by Hangzhou Bureau. Bright Beyond will enter into the Land Contract with Hangzhou Bureau before 31 May 2019. The Bidding Deposit of HK$1,260 million has been paid prior to the Land Bid and the balance of the Consideration shall be payable in accordance with the Land Contract.

Total site area is Approximately 98,053 square metres. The Land is designated for residential and commercial uses. The Directors believe that the Transaction provides the Group with a good investment opportunity in the prime location at Hangzhou and it also provides an opportunity for the
Group to increase the land bank for development.

It is currently expected that the funding required by the Group will be sourced from its internal reserves. The funding requirement is not expected to have any material impact on the Group. (SY)
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